Apparel Online India Magazine April 1st Issue 2018 | Page 43

INDIA CANVAS
TEA President meets Commerce Minister and other
officials to push for early refund of RoSL and paid GST
Raja M Shanmugham, President,
Tirupur Exporters’ Association
(TEA) met Suresh Prabhu,
Union Minister of Commerce
and Industry, Rita A Teaotia,
Secretary, Ministry of Commerce
and Industry and Amitabh Kant,
CEO, Niti Aayog and requested
them to address the ongoing
issues, mainly refund of RoSL,
GST paid, ATUFS capital subsidy
impacting the exports growth.
Raja also appealed to take
up the issue with the Finance
Ministry and requested them
not to insist the exporting units
to pay advance tax at a time
when the industry is undergoing
an unprecedented crisis after
implementation of GST. He also
requested the PMO to drop the
recent action, like attaching the
bank accounts of the units.
“Due to delay in getting RoSL
amount, duty-drawback, GST
refunds, the exporting units are
not able to pay the dues to banks
and the accounts have been
already classified as Special
Mention Accounts (SMA) – 1 and
2, depending on the delay in
payment of dues; and ultimately
these units would be classified as
NPAs. Due to this classification,
the credit rating of these units
gets affected and they would not
be in a position to sustain in the
business,” he said.
TEA also wrote to PMO
regarding this and requested
them not to attach the bank
account if the advance tax is
not paid. Raja further added,
“Income Tax Department has
been serving demand notice
to pay the advance tax for this
“Due to delay
in getting RoSL
amount, duty-
drawback, GST
refunds, the
exporting units
are not able to
pay the dues to
banks.”
– Raja M Shanmugham,
President, Tirupur Exporters’
Association
quarter. But the major concern
is that in case the units are not
paying the advance tax due to
continuous decline of business, the
department is not only harassing
their members but also straight
away attaching their bank
account equal to the advance
tax amount. The action of the
department is totally shocking
and has created tremors among
the business community.”
www.apparelresources.com | APRIL 1-15, 2018 | Apparel Online India
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