FIEO lauds Ministry of Finance initiatives in resolving exporters’ problem

September 23, 2017: FIEO President Ganesh Kumar Gupta has said that he is pleased that government is sensitive towards the liquidity problem of the exporters and is looking at the options to resolve it. He said this while welcoming the press note issued by the Ministry of Finance on the blockage of working capital of exporters.

Gupta welcomed the decision to allow refund to the export sector based on GSTR1 & 3B as proposed by FIEO in its meeting with the Ministry of Finance. The expeditious settlement of pending refund claims of Central Excise as well as VAT will also add to the liquidity flow of the exporters, observed FIEO chief.

FIEO said that the projection of the refund was taken looking into the merchandise as well as the services sectors. These figures were based on estimation of blocked refund from July to October, 2017.

Gupta said that the pro-active approach of the government in resolving the working capital requirement will give much required support to the export sector and will assure the exporters about government’s commitment to provide the refund in a time bound manner.