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 Central Board of Indirect Taxes and Customs (CBIC) has asked Director General of Foreign Trade (DGFT) to beef up its system used for accrediting exporters after investigations brought to the fore integrated goods and services tax (IGST) fraud by some ‘star’ status holding exporters.
Knitwear exports from the country during first five months of current financial year grew by 8.69 percent as compared the exports of the corresponding period of last year.
The Chinese National Development and Reform Commission released data showing that the textile industry in China has registered a steady expansion in the starting 11 months of the earlier year 2019.
The recovery of money owed to the micro, small and medium enterprises (MSMEs) by corporate debtors should be brought in the ambit of corporate insolvency resolution process (CIRP) costs, said the Federation of Indian Micro and Small & Medium Enterprises (FISME) in its pre-budget presentation to the Finance Minister.