Islamabad: The Federal Board of Revenue (FBR) has decided to hold weekly consultation meetings with relevant ministries and exporters till the problem of release of refunds to the latter based on their purchases has been resolved – a news source reported.
The efforts are also underway from various powerful lobbies to convince the government about the restoration of zero rating regime or reduce the GST rate for five export-oriented sectors. After the zero rating regime was abolished under SRO 1125, the exporters are now requesting the government to allow provision of refunds on basis of purchases made by them instead of input adjustments.
Now, FBR will be holding meetings with representatives of the Ministry of Commerce, Industries, Textile and exporters belonging to Faisalabad, Karachi and other parts of the country.
The textile exporters in particular have argued that they exported products worth more than USD 3 billion in first three months of the current fiscal year. This translates into rupee value of around PKR 400 billion. On the basis of average input invoices in the range of 12 to 14 %, the refund amount is estimated at around PKR 48 billion to PKR 52 billion.
