New Delhi: The Textile industry is one of the largest source of employment generation in the country with over 45 million people employed directly and another 6 crore people in allied sectors, including a large number of women and rural population.
According to sources, such fraudulent claims of Integrated GST (IGST) refunds by exporters could exceed Rs 1,000 crore.
NEW DELHI: Finance Minister Nirmala Sitharaman will chair her first meeting of the GST Council on Friday which, among other things, would consider extending the tenure of the anti-profiteering authority by a year, setting up a single point refund system and a mechanism for businesses to issue e-invoices.
The rupee Friday fell 22 paise to trade at 69.66 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone.
It has been two years since GST has been implemented in India. The deadline for filing GST annual returns is approaching fast.
Terming employment generation as one of his priorities, Union Minister Nitin Gadkari said Thursday that the MSME sector offers huge potential and the government is ready to come out with special policies to promote import-substitute products.