ISLAMABAD
\nThe Value-Added Textile Exporters are highly annoyed over excessive delays caused in release of their Sales Tax Refunds worth billions of Rupees against Approved RPOs which has caused them financial hardships and liquidity crunch.
\nThe recent economic uncertainty and political unrest has negatively affected almost all segments of the economy mainly the exports. Previously, the value-added Textile Exports has witnessed a great enhancement in Export growth of 27.60% For the month of July-August 2021(Fy-2021-22) which has faced a downfall of 23.85% and reached to the level of 3.75% for the month of July-August 2022 (Fy-2022-23) which is alarming.
\nGovernment is responsible for Textile Exports downfall amid excessive delays in refunds of billions of rupees to exporters, unbridled high cost of utilities and production and unviable business environment. High-ups at Islamabad have closed eyes wide shut towards Sales Tax Rules, irrespective of issuing of Refunds Payment Orders (RPO) to Exporters unwarranted and excessive delays in refunds worth billions of rupees is highly unjustified.
\nInspite of great agitation and resistance, the then Government imposed 17% GST on the previously zero rated textile sector.
\nThe Government then responding to the apprehensions of Textile Exporters gave firm commitment their Sales Tax Refunds will not be delayed and shall be processed through newly introduced FBR\u2019s FASTER System which will electronically process all the refunds and the amount of refunds against the claims filed, processed and approved RPOs within 72 hours.
\nThe Exporters have informed that more than 2-3 weeks have been passed after approval of RPOs but payment against their Approved Claims has not been made by the Government which is supposed to be released in 72 hours. Thus, Exporters have expressed great dismay over the excessive delays and have demanded immediate Payments against their Approved Refund Claims.
\nThis was stated by Muhammad Jawed Bilwani, Chairman, Pakistan Apparel Forum, Chief Coordinator, Value-Added Textiles Associations & Former Chairman Pakistan Hosiery Manufacturers & Exporters Association in a statement to press and electronic media.
\nBilwani added that Billions of rupees of exporters in sales tax have held up with the FBR as a result they have been facing severest financial hardships and are unable to procure materials\/inputs for manufacturing goods meant for exports. To crown this all, due to pending refunds, running capital of the exporters are diminishing and exporters are compelled to buy input goods on credit. Hence, exporters cannot quote rates to their foreign buyers.
\nBilwani demanded the Government to honor the commitment and ensure swift payments to exporters against their Approved refunds immediately and also ensure to process and release all future Sales Tax Refund Claims within 72 after submission. <\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Value-Added Textile Exporters are highly annoyed over excessive delays caused in release of their Sales Tax Refunds worth billions of Rupees against Approved RPOs which has caused them financial hardships and liquidity crunch. The recent economic uncertainty and political unrest has negatively affected almost all segments of the economy mainly the exports. Previously, […]<\/p>\n","protected":false},"author":2,"featured_media":282186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[10551,10552,10553],"class_list":{"0":"post-282168","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bilwani","9":"tag-sales-tax-refunds","10":"tag-textile-exporters"},"yoast_head":"\n