FIEO LAUDS MINISTRY OF FINANCE INITIATIVES TO RESOLVE EXPORTERS PROBLEM

Ludhiana, September 22, 2017: Welcoming the Press Note issued by the Ministry of Finance on the blockage of working capital of exporters Mr Ganesh Kumar Gupta, President, FIEO said that he is extremely happy that Government is sensitive to the liquidity problem of the exporters and looking at the options to resolve it.

Mr 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.

Mr 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.