Perfect Sourcing - February 2018

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GST REFUNDS BECOME A HURDLE FOR EXPORTERS…
IS THE GOVERNMENT RUNNING OUT OF MONEY?
The after-effects of GST have still not calmed down as, even after a lot of
confusion, anger, curiosity and anguish over the new taxation scheme, matters remain in a state of chaos. The industry welcomed GST after a few hiccups and filed all GST returns as required; however, the problem now is getting the IGST refunds, which have been pending for almost a year as of date. While big exporters are still able to handle the situation, the medium and smaller ones are the worst affected. The cash crunch is hitting them hard and they are now anxiously waiting for these refunds to bankroll their business. The industry, as a whole, has been subjected to unprecedented hardship. As per an internal estimate, only 30 percent of the claims for refunds have been met so far. Also, there is a fear that as much as Rs. 1,85,000 cr could get stuck with the Government. Read More...