Fast Track GST Refunds to Exporters

 CBEC camps from Mar 15 to fast-track GST refunds to exporters

There are cases of exporters who make mistakes when submitting reimbursement claims and to help them, the department has begun to partially reimburse with manual intervention.

To alleviate the GST reimbursement problems of the exporters, the tax authorities will establish camps throughout the country for a fortnight starting on March 15.

Central Board of Special Taxes and Customs (CBEC)  has already returned worth Rs 50 billion but up to 70 percent of the total refunds to exporters remains stagnant even after eight months of launching GST.
There are examples of exporters who make mistakes when submitting reimbursement claims and to help them, the department has begun to partially reimburse with manual intervention.

fast-track GST refunds to exporters

Mistakes when submitting Reimbursement

Now, to solve it completely, we have instituted a special biweekly campaign, starting on March 15, which will continue until March 29. They are going to camp throughout the country so that all exporters can present a refund problem and they will be explained what their problem is, they will be asked to rectify it and then the process will be completed and the refund will be granted.

So we hope that by March 31, all outstanding repayments with respect to exporters will be resolved.

The issue of refunds to exporters has been suspended for more than five months, and exporters complain that the delay in GST reimbursements has blocked their working capital. The revenue department, on the other hand, has argued that there are discrepancies in the forms submitted by the exporters with the customs department and those with the GST Network (GSTN).

Electronic PurseScheme for Refunds

The GST Board at its meeting today decided to implement the electronic purse scheme for refunds to exporters before October 1. Under the electronic purse mechanism, a notional credit would be transferred to the exporters account based on their previous history and the credit can be used to pay taxes on the entry.

To alleviate the problems of exporters, the Council has also allowed exporters to continue applying for tax exemptions until October 1, 2018.

Considered Exports

As a result, commercial exporters can pay a 0.1 percent tax on goods acquired for export purposes and obtain a refund for them. Likewise, national purchases made under the Advance Authorization, EPCG and EOU schemes are being recognized as ‘considered exports‘ with flexibility so that suppliers or exporters can claim a refund of GST / IGST paid in this respect.

An official statement issued after the Council meeting said that CBEC and GSTN have begun a detailed data analysis and preliminary data analysis has revealed that there is a variation between the amount of integrated GST (IGST) and the amount of compensation paid by importers in the ports credit for the same claimed in GSTR-3B.

In addition, it has come to light that there are significant data gaps between the self-declared responsibility in GSTR-1 and GSTR-3B. “It is deliberated that this information can be further analyzed and that appropriate action can be initiated accordingly,” the statement adds.

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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.