Powerd By SAG INFOTECH
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The drawback of the input duty refund under the duty drawback scheme is that it is lower as compared to last year’s IGST refund as claimed by the exporters which further noted by the Commerce Ministry.
An awareness seminar was conducted on foreign trade policy which advised businesses to be very much careful while filing GST returns as the error-prone data was the main reason for non-refund of taxes.
It will be accounted as the last chance to rectify or correct any errors in the bill or GST return filing as 20th September is the last date for correction of all the errors including of missed claiming of ITC.
Recently the exporters charged allegation against the government for not clearing GST refund claims of around 22,000 crores as the finance ministry itself dismissed the facts stating them exaggerated and inaccurate.
Exporters and the overseas shipments are in liquidity problems as the government has held more than 22,000 crores as stated by the FIEO recently.
As every Indian taxpayer knows about official GST return filing GSTN portal. The portal is used for filing GSTR forms 1-9 along with the tax payments.
The tax refund mechanism is being deeply examined by the Government and the Government laid emphasis on easing the process of refund for the exporters.
The input credit returns for all businesses could now be easily claimed. The GST return process has been simplified by the central government by the introduction of GSTR-2A form.
GST authorities are reportedly working on methods to ensure better tax compliance, including timely return filing and tax payments, from micro, small and medium enterprises (MSME) of the country.
