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  Business   In Other News  11 May 2018  Disbursal of Rs 14,000 cr export refunds to be expedited, says official

Disbursal of Rs 14,000 cr export refunds to be expedited, says official

PTI
Published : May 11, 2018, 3:45 pm IST
Updated : May 11, 2018, 3:45 pm IST

The government's focus is now shifting towards sector specific export promotion to boost India's exports.

Disbursal of pending exports refunds of Rs 14,000 crore under GST is likely to be expedited as talks between departments of commerce and revenue are progressing fast, a top official said on Friday.
 Disbursal of pending exports refunds of Rs 14,000 crore under GST is likely to be expedited as talks between departments of commerce and revenue are progressing fast, a top official said on Friday.

New Delhi: Disbursal of pending exports refunds of Rs 14,000 crore under GST is likely to be expedited as talks between departments of commerce and revenue are progressing fast, a top official said on Friday.

Addressing a workshop here, Additional DG of Foreign Trade N K Srivastava however blamed the exporting community for the delay as their filing of GST refund has been incorrect.

 

"It is on account of this that exports refunds have also been delayed but with consultation progressing faster between departments of commerce and revenue, pending refunds of Rs 14,000 crore are likely to be facilitated quickly," he said in the event organised by PHD Chamber of Commerce.

Srivastava also said the government's focus is now shifting towards sector specific export promotion to boost India's exports. "To this effect, a committee has been constituted within the department of commerce to examine the potential of sectoral exports...," Srivastava said adding concentration of exports proceeds till now remained largely in services, particularly relating to IT.

 

PHD Chamber Vice President D K Aggarwal highlighted the grievances being faced by exporters relating to refunds and asked the government to take up the issue at a faster pace.

Tags: exports refund, revenue department, n k srivastava, foreign trade, gst refund
Location: India, Delhi, New Delhi