Skip to main content

Govt Refutes Exporters’ Claim on Pending GST Refunds

By
Govt Refutes Exporters’ Claim on Pending GST Refunds
Says there has been no dip in refunds; special refund fortnight to begin from May 31
The government has refuted exporters’ claim that Rs 20,000 crore of goods and services tax (GST) refund is pending, and said there has been no dip in refunds as it announced a special refund fortnight beginning May 31.
“Refund claims to the tune of RS 7,000 crore-Rs 14,000 crore on the IGST side, and Rs 7,000 crore on account of ITC, are pending with the government as on date, as against the figure of ?20,000 crore projected by FIEO in the press reports,” the government said in a statement.
The Federation of Indian Export Organisations (FIEO) had on Tuesday raised the issue of refunds claiming a slowdown and Rs 20,000 dues.The government admitted that refunds of goods and services tax (GST) have been a concern for both itself and trade for the past several months, but so far Rs 30,000 crore GST refund has been sanctioned -- Rs 16,000 crore of IGST and Rs 14,000 crore of input tax credit. “Contrary to the press reports that there has been a dip in refund sanction after the first Refund Fortnight in March 2018, the refund sanctioned during May 2018 is to the tune of Rs 8,000 crore,” it said.
A ‘Special Drive Refund Fortnight’ beginning May 31 been announced to clear the dues.Government has asked those with pending refunds to approach their jurisdictional tax authority for disposal of any of their refund claims submitted on or before April 30 which are still pending.
ERRONEOUS DECLARATIONS
The Central Board of Indirect Taxes and Customs (CBIC) is implementing a solution to process refunds held up in cases where exporters have mistakenly declared their export supplies as domestic supplies. A circular issued by the government on May 29 states that on receipt of the records from GSTN, the customs would automatically process the refunds for sanction, if no other errors are committed by exporters.
A separate circular issued on May 30 relates to refund claims by input service distributor, composition dealer, exports of services and supplies made to special economic zones. The circular also clarifies issues related to requirement of letter of undertaking in cases of export of exempted or non-GST goods and scope of restriction imposed and also refunds of input tax credit relating to compensation.
“The circular for refund of IGST paid on exports allows refund even in case of mismatch of tax liability on exports of goods disclosed in GSTR 3B and GSTR 1. This is welcome development,” said Pratik Jain, indirect tax leader at PWC.
The Economic Times, New Delhi, 31st May 2018

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more