[INDIAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Indian economic news to share with you which is as undermentioned.
NEW DELHI: Commerce minister Suresh Prabhu Wednesday urged the finance ministry to make the process of refund of GST input tax credit online.
Prabhu, along with commerce and revenue department officials, met exporters to discuss the problems faced by the sector.
Banking issues, like caution listing of exporters, third party/ third country exports and list of items to be traded with Iran, were also discussed. The finance ministry officials would discuss the issues which were flagged in a meeting with banks on January 22, an official statement said.
Prabhu also highlighted the declining trend of export credit in recent months and suggested that banks may be asked to encourage flow of credit to the export sector particularly to MSMEs for generating more employment.
"The commerce minister also urged to make input tax credit (ITC) refund online to ensure that the export refund is seamless and also transparent and accounta ble," the statement said.
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