Bizmen say not getting GST refunds on time

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Ruing delay in GST refunds, city businessmen are blaming both the state GST (SGST) and the Central GST (CGST) departments. They say even after filing their GST returns regularly, they were not getting the refunds on time, as a result, their working capital was getting blocked and their businesses were suffering badly. Raj Kumar Singla, president of Fasteners’ Suppliers’ Association, Ludhiana, said, “Whether it’s SGST department or CGST, our tax refunds are not being given on time despite timely returns. This is a nightmare for us, as our years’ old VAT refunds are still pending with the state taxation department even after the system has been scrapped. Now adding to our woes is the holding up of GST refunds worth crores. What was the benefit of introducing GST when the situation of refunds was the same? We have decided to take up the matter with Punjab finance minister Manpreet Badal.

This week a delegation of our association will meet him and apprise him of this problem and seek a solution.” “If the trend continues, the industry will not be able to survive for long. Moreover, not taking any action to streamline the GST refund system shows the lackadaisical attitude of both the Centre and the state government,” said Harish Kairpal, finance secretary of knitwear club. Munish Sachdeva, a manufacturer of fasteners, said, “We are conforming to all the rules and regulations of the GST law, but still are unable to get refunds on time. The biggest problem is that it is part of our working capital and any kind of delay means that amount is blocked with the government. As a result, we face fund shortage and our businesses suffer.”Pankaj Aggarwal, a businessman, said, “The government is claiming that the entire process of GST has been made smooth, but the reality is we are facing several complexities. The system will remain complicated until difficulties being faced by the micro and small industries are identified by the departments and resolved at the earliest.”

Read more at: https://timesofindia.indiatimes.com/city/ludhiana/bizmen-say-not-getting-gst-refunds-on-time/articleshow/70440283.cms