Enquire Now

Automatic refund of GST for eligible exporters likely from June

15-May-2019
Automatic refund of GST for eligible exporters likely from June

Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department switches on to faceless scrutiny of refunds and faster claim settlement, reports citing official sources said.

Under GST, every person making a claim of refund on account of ‘zero-rated’ supplies has to either export without payment of integrated tax under Bond/ LUT and claim a refund of accumulated Input Tax Credit (ITC) or export on payment of integrated tax and claim refund thereof.

Currently, the facility of automatic refund is available only for those exporters who have paid Integrated Goods and Services Tax (IGST) while exporting goods. Since the GST Network (GSTN) systems are integrated with customs, refunds are generally transferred to the bank accounts of such exporters within a fortnight.

However, manufacturing exporters and suppliers to SEZ, who want to claim a refund of ITC, have to file an application in Form GST RFD-01A on the common portal and thereafter manually submit a printout of the form along with other documents to the jurisdictional officer.

Once implemented, the time period for such refunds will come down to about a fortnight from months at present.

“The Revenue Department and GSTN are working to make the process of seeking tax refund by all exporters faceless by next month. It would make the process faster and also help in eliminating fake refunds,” a PTI report quoted an official as saying.

Since GST refunds of exporters run into thousands of crores, any delay in the processing of refund claims blocks working capital of exporters.



Source:- Domain-b.com

High-volume of Loyal and Trusted Customers!

We feel proud in offering export-import data information services to our respected clients.

Obtain a free import-export sample report on desired products.

We do not provide any assistance directly in selling or Buying any product.

5 + 5

Thank You

Big thanks to showing your interest in SEAIR Exim Solutions. We’ve currently received your request for data information. We will return on the same query in a short span of time.

Top