Investigations found nine star exporters in sectors such as agro-processing, garments and electronics were not traceable at the addresses on record, while in two cases, the premises were found sealed and seized by banks as the exporters had been declared as NPAs, even as they availed IGST refunds.
India has jumped 14 places to rank 63rd out of 190 countries in the World Bank's Doing Business 2020 report.
At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula.
Lahore-The Pakistan Readymade Garments Manufacturers and Exporters Association Chairman Sohail Sheikh has expressed his disappointment over the performance of the Federal Board of Revenue's newly-launched Fully Automated Sales Tax e-Refund (FASTER) System as the commitment of the government to release exporters' refunds within 72 hours has not been fulfilled yet.
At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula.
The rupee continued its downward journey and fell by 25 paise to 72.05 against the US currency on Monday due to a spike in crude oil prices. The domestic currency fell tracking weak Indian equities amid escalating tensions in the strategic Gulf region.