Port Wings News Network:
In the 26th GST council meeting held on 10 March 2018, it has been decided to extend the exemption of IGST payment for imports of machinery under EPCG scheme and inputs, raw material under Advance Authorization Schemes up to 01.10.2018, further six months beyond 31.03.2018.
In a media statement, Shri Raja M Shanmugham, President, TEA, welcomed the GST Council decision after considering the requisition of the association and mentioned that it would be much helpful to the Tirupur Cluster who plan to go for import of machinery, particularly to the MSME exporting units when they have been undergoing financial crisis due to blockage of Government receivables like ROSL and Duty Drawback including delay in getting GST Refund due to cumbersome procedures.
“GIVE EXEMPTION FROM PAYMENT OF IGST FOR IMPORT OF ACCESSORIES”
Shri. Raja M Shanmugham, said he had also requested to give exemption from payment of IGST for import of accessories (or else) to give exemption as like in Pre GST period, when the accessories are imported under Export Performance Certificate (EPC), issued by AEPC. He further said unfortunately the GST council has not considered requisition, which is very much needed as the exporting units have to pay the IGST in upfront and experiencing difficulties of cash blockage. He said the issue would be taken up again and would be requested to address the same.