Surat: Union finance minister Nirmala Sitharaman has assured that the issue concerning the input tax credit (ITC) under Goods and Services Tax (GST) for man-made fibre (MMF) sector will be taken up positively once the monsoon session is over.
The Indian rupee opened higher at 68.85 per dollar on Wednesday versus previous close 68.93.
Stating that the new verification exercise of input tax credit (ITC) is aimed at preventing unscrupulous exporters from defrauding the exchequer and bringing a bad name to the larger exporting community, the commissioner of customs-Goa and the principal commissioner of GST-Goa said that the central board of indirect taxes and customs (CBIC) would like to assure all genuine exporters that they would continue to get their integrated GST (IGST) refunds in a timely manner in a fully automated environment.
The Micro, Small and Medium Enterprises (MSMEs) contribute 29 per cent to India’s GDP and generate employment opportunities for over 100 million people.
The Reserve Bank modulates the system liquidity from time to time and undertakes liquidity operations as per requirement.
Haryana Finance Minister Capt Abhimanyu on Tuesday said that over two lakh new registrations have been added under the GST in the state since its roll-out to the existing base of 2.25 lakh payers under the erstwhile VAT.