In the meeting held earlier this month, the GST Council has decided that it will implement e-wallet system to ensure timely refunds to exporters.
Powerd By SAG INFOTECH
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In the meeting held earlier this month, the GST Council has decided that it will implement e-wallet system to ensure timely refunds to exporters.
The domestic sales for passenger automobile vehicles have grown by leaps and bounds. However, the export figures for passenger vehicles are in sharp contrast to those of the domestic sales.
GST Refund Fortnight is a scheme by the GST council to address refund issues related to the exporters in India. The scheme would be observed from 16.07.2018 to 31.07.2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC).
CBEC Chairperson Vanaja Sarna told that income authorities will set up the camp in the nation for a fortnight starting from March 15 to ease the exporters’ GST refund woes.
IGST Refund – Under the GST law, exporters must have to pay the Integrated Goods and Services Tax (IGST) while exporting the goods from one place to another.
To make the GST refund procedure fast, The Engineering Export Promotion Council (EEPC) has welcomed the foreign trade policy which analyses in terms of the mid-term review. The EEPC has named the policy as faster clearance of the Goods and Services Tax (GST) refunds.
Even though the government is claiming that in the GST, exporters started receiving online refunds, but the reality is different.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
The GSTN system handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds.