Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.
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.
For claiming refunds under GST, recently the government has observed that nearly 10,000 applications have been filed by exporters till November.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
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.
GST Network has informed the exporters about the refund filing mechanism and allowed them to furnish details on common GST portal in table 6A of GSTR-1 return form.
Vanaja N Sarna, Chairperson of Central Board of Excise and Customs (CBEC), said that the tax collected under the new tax regime is deviating from the expected figure and there are no targets in line to tweak the annual revenue goals.
