MSME Exporters feel the heat as GST refunds yet not being processed, govt announces manual filing
New Delhi, Nov 21 (KNN) With the Goods and Services Tax (GST) entering its fifth month since implementation and the exporter time and again complaining the problem in refund process, despite assurance from the governments, things are away from getting smooth.
Talking to KNN, Pankaj Bansal, Director of TMA International explained the situation.
Bansal informed that the exporters are yet to feel the ease under the One Nation One Tax regime of the government as the refund process is still not comprehensive and isn’t operating.
Explaining the situation, Bansal said that the online process is yet not working and the exporters are not able to file the forms with the GST portal, because of which the exporters are suffering.
While the problem exists for exporters across levels, it is the Micro, Small and Medium Enterprises (MSME) exporters that feel the heat more than the large players since in the absence of proper mechanism, the working capital gets stuck.
Following which the exporters are forced to borrow credit from banks, which is not an easy procedure In the first place. Secondly if it is able to secure loan, the interest adds on to the burden of operations for the MSME exporter, Bansal added.
Commenting on the overall scenario and the government announcing manual filing of the returns, Bansal said that a big question at the moment is on the governments and the credibility of its assurances.
Earlier, the Finance Minister Arun Jaitley assured that the council will soon be releasing out refunds in order to ease the capital crunch. (KNN/DA)