Input tax credit refunds of Rs 6,000 crore remain unpaid to exporters: FIEO

Underlining the need to make the entire refund process available online like the IGST process, the Federation of Indian Export Organisations (FIEO) has said that input tax credit (ITC) refunds worth Rs 6,000 crore still remain unpaid to exporters.

FIEO president Ganesh Kumar Gupta pointed out that the current system of manual submission in certain cases delays the refund process, blocking the capital of exporters. Even officials of some states cause unnecessary delay in accepting manual submissions.

Ganesh Kumar Gupta also expressed need of greater flow of credit to exporters. Meanwhile, export credit provided by banks declined sharply by about 51.3% to Rs 22,300 crore as of September 28, from a year earlier, despite the fact that total lending to the priority-sector rose 6.6%. However, overall non-food credit witnessed a rise of 11.3% up to September 28.