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21 May 2018, Edition - 1042, Monday

FLASH NEWS:

  • BS Yeddyurappa Resigns As Karnataka Chief Minister Just Before Floor Test
  • 1 BJP MLA Somashekara Reddy is out to ‘bribe’ MLAs
  • Number game changes again, after 2 Cong, 2 JDS(S) MLAs rebel, 2 independents back BJP, BJP at 105, 4 short of win
  • Legal faceoff after poll war, Cong-JDS object to pro tem speaker, top court puts Cong-JDS in spot, SC: Might have to postpone floor test
  • SC accepts Governor’s Counsel’s argument, top court puts Cong-JDS in tight spot, Cong-JDS’s petition dismissed
  • BJP MLA to remain pro tem speaker, SC: Videography of floor test adequate, floor test to telecast live

Coimbatore

TEA hails extension of IGST exemptions for machinery imports

Covai Post Network

COIMBATORE: Tirupur Exporters Association (TEA) on Saturday welcomed the extension of Integrated GST exemptions for imports of machinery under EPCG Scheme and inputs raw material under Advance Authorisation scheme for another six months.

In a statement, TEA President Raja M Shanmugham said that the 26th GST Council meeting decided to extend the exemption from March 31 to October 1.

He welcomed the Council decision after considering the requisition of the association and said it would be much helpful to the Tirupur Cluster who plan to go for import of machinery, particularly to the MSME exporting units when they have been under going financial crisis due to blockage of Government receivables like Rebate on State Levies (ROSL) and Duty Drawback including delay in getting GST Refund due to cumbersome procedures.

Raja Shanmugham also requested to give exemption from payment of IGST for import of accessories (or else) to give exemption as like in Pre GST period, when the accessories are imported under Export Performance Certificate (EPC), issued by Apparel Export Promotion Council, which was not not considered by the Council. which was very much needed as the exporting units have to pay the IGST in upfront and experiencing difficulties of cash blockage.