India has achieved a landmark milestone of economic reforms: EEPC IndiaBack to Index
Kolkata: EEPC India, the apex organisation of the engineering exporters, today said India has achieved a landmark milestone of economic reforms, which would help the government's flagship programme of Make in India giving boost to the manufacturing.
However, it said the GST implementation should be done in a manner to avoid procedural difficulties for exporters.
EEPC India Chairman Mr T S Bhasin congratulated the Prime Minister Mr Narendra Modi and Finance Minister for being able to create a political consensus on the GST Bill and get it passed in Parliament.
"Instead of first paying the taxes and then claiming credit for the same, the proposed enabling GST law should exempt exporters from the taxation net since the country does not want to export taxes, " EEPC India Chairman said.
He said the process of refund which shall take not less than 5/6 months and may go beyond any time. Even we consider 6 months on average the impact will be requirement of additional working capital.
The purchasers will now have to ensure that their vendors have robust IT infrastructure and compliance process, so that the vendors do not default on timely and appropriate payment of taxes.
Source: The Economic Times