Skip to main content

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

By
 CBEC camps from Mar 15 to fast track GST refunds to exporters
Sarna said there are instances of exporters committing errors while filing refund claims and to help them, the department has started giving out refunds partially with manual intervention
To ease exporters' GST refund woes, revenue authorities will set up camps across the country for a fortnight beginning March 15, CBEC Chairperson Vanaja Sarna said todayThe Central Board of Excise and Customs (CBEC) has already given refunds to the tune of Rs 50 billion but as much as 70 per cent of total refunds to exporters is still stuck even after eight months of GST roll out.
Sarna said there are instances of exporters committing errors while filing refund claims and to help them, the department has started giving out refunds partially with manual intervention."Now to solve it completely we have instituted a special fortnight campaign, starting from March 15 which will go on till March 29.
There are going to be camps all over the country so that all exporters can come with refund problem and they will be explained what their problem is, they will be asked to rectify it and then the process will completed and refund will be given."So we hope that by March 31 all pending refunds as far as exporters are concerned will be sorted out," Sarna said.
The issue of refunds to exporters has been hanging fire for over five months now, with exporters complaining that delay in GST refunds has blocked their working capital.The revenue department, on the other hand, has argued that there are discrepancies in forms submitted by exporters with the customs department and those with the GST Network (GSTN).
The GST Council in its meeting today decided to implement e-wallet scheme for refunds to exporters by October 1. Under the e-wallet mechanism, a notional credit would be transferred to the exporters account based on their past record and the credit can be used to pay taxes on input.To ease exporter woes, the Council has also allowed exporters to continue to claim tax exemptions till October 1, 2018.
 
Accordingly, merchant exporters can pay a tax at the rate of 0.1 per cent on goods procured for export purposes and obtain a refund for the same.Also, domestic procurement made under Advance Authorisation, EPCG and EOU schemes are being recognised as 'deemed exports' with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon.
 
An official statement issued after the Council's meeting said that the CBEC and GSTN have started detailed data analytics and preliminary data analysis has revealed that there is variance between the amount of Integrated GST (IGST) and compensation cess paid by importers at Customs ports and input tax credit for the same claimed in GSTR-3B.
 
Besides, it has come to light that there are major data gaps between self declared liability in GSTR-1and GSTR-3B."It was deliberated that this information may be further analysed and adequate action may be initiated accordingly," the statement added.
 
The Business Standard, New Delhi, 16th March 2018

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more