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There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
As per the reports, the pharmaceuticals industry has already started to de-stock and also returned their stock to the supplier companies for that same reason. Also, the GST council has given that the daily necessary items would be in the lower category of tax which has hinted the traders to de-stock their already available stock within their premise.
The upcoming goods and services tax has created a lot of puzzle in various sectors as the tax rules and implications will be changed and the effect will take some time to settle down. The medicine industry is also taking some setback just to ascertain the real impact of the GST on the business and has been holding stocks for avoiding the chances of losses in case of any sudden rate change.
Speaking at a state-level tax advisory committee meeting for the preparation of the state budget, Rajasthan chief minister Vasundhara Raje on Tuesday said Goods and Services Tax (GST) will simplify the tax structure and boost the revenue model of the state. Holding the discussions with representatives of the industry bodies, tax experts and briefed suggestions for the state budget.
After the plea of commerce and Industry minister Nirmala Sitharaman on the issue of exporters, refund duty which takes a long time than normal has been considered in view of traders blocked revenue for investments. The issue was raised in the eighth meeting of the GST council while the quick reaction of the request is what takes an attention.
The Government of India on Sunday stated that the GST payments can be made online with the help of Credit or Debit cards. Hasmukh Adhia, Revenue Secretary, while addressing the Global Investors Summit said,
Central Board of Excise and Customs has given a clear indication to its working staff to shed off all the pending cases related to drawback payments and clearing pending refunds. The announcement has been made in order to make the way for GST and giving it a smooth hassle free structure to operate.
Goods and Service Tax Network has finally set up the registration portal for the taxpayers who can register with the network and can submit all the necessary details, making a flawless network by which they can avail tax payment, returns and refund service under the GST regime.
The commerce ministry is looking to help the exporters, suggesting the finance ministry to take a soft action towards the export industry and continue with GST exemptions which were earlier granted.
