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Arun Jaitley asks state-owned firms to step up spending

Arun Jaitley asks state-owned firms to step up spending”

Finance Minister Arun Jaitley will meet the chief of the Goods and Services Tax Network AB Pandey today to discuss fixing glitches in the implementation of the mega tax reform.

It has called for exemption from GST for merchant exporters, allowing immediate refund to help exporters free up working capital and permitting the use of export benefit scrips for payment of Integrated and Central GST.

The Federation of Indian Export Organisations (FIEO) also said that power there should not be any tax burden on export sales and for imparting competitiveness, taxes may be refunded through duty drawback. Availability and the cost of credit is adversely impacting them.

Meanwhile, the commerce ministry said it is working in close coordination with other departments to resolve exporters' problems, including those related to the GST.

The industry representatives also brought up compliance matters on which the Finance Minister invited suggestions to improve the GST implementation. "We are working very closely with other ministries to address problems faced by exporters". They also demanded exemption from Integrated GST (IGST) on procurement of precious metals from nominated agencies for the goal of manufacturing and export of jewellery.

"CPSEs were, therefore, asked to raise more debt and not to rely entirely on cash and free reserves for finding new investments and capital expenditure", the release said. Businesses and various organizations representing the traders have come out openly accusing the government for poor GST portal that is full of technical issues making it either inaccessible or returns and invoices not getting uploaded.

Union Finance Minister Arun Jaitley on Thursday said that demonetisation was to make sure that the anonymous tender which operated in market gets identified to its owner. Representatives from KPMG, CII, FICICI, Gems and Jewellery Export Promotion Council, Laghu Udyog Bharati, GST service providers, ICSI, Institute of Chartered Accountants of India (ICAI) and Amazon were also present.



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