[vc_row][vc_column][vc_column_text]The rollout of the Goods and Services Tax (GST) will help improve exports and assured exporters that they would get 
their tax refunds within 6 to 10 days under the new regime, according to Commerce Minister Smt. Nirmala Sitharaman.
“The GST is only going to help in improving our exports and also since the input credits have been very well worked out the inputs for exporters are going to cost less and they are going to be far more competitive. Exports that are zero rated will be refunded. There will be an ease of refund in the system,” Smt. Sitharaman told a news conference where she detailed the performance of her Ministry during the Narendra Modi government.
Welcoming the announcement, Sri R. Krishnamurthy, President, PIA said Exporters will be relieved to know that 90% of the advanced money (paid by exporters in the GST regime) will be refunded within 6 to 10 days, after which an interest of about 6% will be given for any delay by the government to exporters.
The PIA President observed that “despite global headwinds, our Exporters have really performed. Some of the sectors have withstood the headwinds and performed consistently in the last six months and maintained the upward trend and have lived up to the expectations.” Exports rose 5% to reach $276 billion in 2016-17 and in the past few months had reversed the declining trend.
Commenting on the concern of exporters over the appreciation of the rupee, the Commerce Ministry has said it is seized of this and that Currency fluctuation has become a new normal. But, if there are extreme fluctuations, it is for the RBI to look at intervening just that much, so that, any extreme fluctuations are taken care of, and that the value of the rupee was market determined.
The Commerce Ministry has also requested the GST Council to devise an alternative system of refunds for small and medium enterprises instead of asking them to pay first and then claim the refund.[/vc_column_text][/vc_column][/vc_row]
