The Finance Ministry has still not made a decision in the 29th GST council meeting on the rules and conditions to give a refund of GST on goods purchased by foreigners to take them out of India.
Powerd By SAG INFOTECH
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The Finance Ministry has still not made a decision in the 29th GST council meeting on the rules and conditions to give a refund of GST on goods purchased by foreigners to take them out of India.
Foreign tourist will soon feel relief from GST as they will be able to claim GST refund before leaving an airport.
In a major relief provided by the CBIC, the agency has now allowed the PAN submission of exporters for the GST refund clearance in case any refund is held up due to the mismatch of any details such as GSTIN printed on return forms or shipping bills.
In order to ease the GST impact on the exports industry of India, the government has today sanctioned pending GST refunds of over Rs 30,000 crore to those exporters who are waiting to get input credit or claim back the IGST paid by them on exports.
A report released by Federation of Indian Export Organisations (FIEO) reveals that the government owes more than Rs 20,000 crore in GST refunds, of which half the amount is pending as input tax credit.
GST council and tax department are organizing a second phase of ‘Special Refund Fortnight’ for the taxpayers which will enable them to draw their refunds at a speedy pace. The agenda is to clear all the pending applications of GST refunds within a stipulated time period.
It is very weird to find that GST refund complaints are not eligible due to the internal misrepresentation. The exporters of garment industry have falsely said that they are not getting the GST refunds, while in fact, they didn’t even apply for the same.
At last, the day has come and the government has sanctioned the remaining amount of GST refunds which is worth 127 billion that is around 80 percent of the eligible claims of exporters, as confirmed by the official.
Due to the GST implementation, even foreigners and tourists are backing up in purchasing gold which they otherwise entitled to claim. The absence of refund mechanism has to lead to dump in sales of gold by NRIs and foreigners.