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27 May 2019, Edition - 1413, Monday

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Coimbatore

Exporters under financial crisis due to delay in GST refunds: FIEO

Covai Post Network

Exporters have been thrown into very serious financial crisis due to draining up of funds and liquidity crisis, as GST refund has not been coming forward faster as promised, Federation Indian Exporters Organisation (FIEO) Regional Chairman, A Shaktivel said on Tuesday.

“Many exporters are on the verge of closure due to draining of working capital, since blockage of fund on account of GST is exorbitant,” Shaktivel said.

Considering the situation, Shaktivel sought urgent intervention of Union Finance Minister to instruct the banks to provide “Bridge Loan” at soft rate of interest to the exporters immediately towards GST refund receivable along with extension of full rate of duty drawback up to December 31 this year.

Seeking extension of RoSL (Remission of State Levies) up to December 31 Shaktivel said that unless Government came up with the solution as suggested, export sector would be thrown out of gear and become NPAs.

Sakthivel also requested the intervention and support of Commerce and Industry Minister as well as State Government to overcome the crisis.

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