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5-year backlog of VAT refund dues Kolkata
For the last five years, the state government has been unable to provide value-added tax (VAT) refund to the leather exporters in the state. The accumulated amount of VAT that the state government owes to the leather exporters stands at Rs 250-300 crore, Paresh Rajda, regional chairman, east, Council for Leather Exports (CLE) said on Saturday. "The VAT refund in this state is pending for a very long time. After 2007-08 , hardly anybody has got a refund . The refund could have helped the industry people to plough back some money into their business. But despite repeated attempts we still don't have any assurance ," he said on the sidelines of 17International Leather Goods Fair. The fair is organized by the India Trade Promotion Organisation (ITPO) along with Indian Leather Products Association and CLE. The industry members will be meeting commercial taxes commissioner of the state, Binod Kumar on February 22. Rajda said that the industry members were looking forward to some kind of bankable document from the state government about their VAT refund, which they can use to avail loans from the banks. Talking about export of leather, the CLE regional chairman said that following the slump in the European market, which was the key export destination, exporters are now diversifying to countries like Japan and Korea. "But in Japan and Korea, India is facing sharp competition from Chinese leather goods producers." The leather industry, which was so far predominantly city-centric is now penetrating into the tier II and tier III cities as well, he said. ITPO general manager Dalel Singh said it is important for the industry to do value-addition now so that it can catch up with the other exporters. ITPO had surplus fund of Rs 50 crore last year, he added. [Source: The Times of India]
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