As the Rebate of State and Central Taxes and Levies (RoSCTL) scheme was not implemented in 2019 and the Merchandise Exports from India Scheme (MEIS) also stopped from August last year for the apparel and made-up sectors, these sectors are facing a high liquidity crunch, according to Federation of Indian Export Organisations (FIEO) chairman Sharad Kumar Saraf.
NEW DELHI : State governments are unlikely to get full compensation in FY20 for their revenue shortfall from Goods and Services Tax (GST), Business Standard reported on Tuesday citing finance ministry officials.
The Supreme Court has made it clear that the deadline for submitting GST annual return forms — GSTR 9 and GSTR 9C — will not be extended.
As many as 634 cases of fraudulent GST refund claim by exporters amounting Rs 1,912 crore has been detected by the central tax authorities between July 2017 to January 2020, Parliament was informed on Tuesday.
Highlighting the acute liquidity problem faced by Apparel and Made ups exporters, particularly those in MSME, exporters’ body FIEO has urged the government to intervene to resolve deadlock.
The Supreme Court has stayed the Rajasthan High Court order that extended the deadline for filing of Form GSTR-9 (annual return) and Form GSTR-9C (reconciliation statement) without fine by up to a week to February 12, 2020 on a plea by the Centre that the move could undermine its efforts to boost GST compliance.