The GSTN system handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds. For exporters, it will become easy to claim the refunds for GST paid in August and September this year. Prakash Kumar, Chief executive officer at Goods and Services Tax Network, mentioned on Monday that GSTN system had already started refunding the compensation to exporters from October 10 for the integrated GST paid in July month. The distribution of refunds was based on the matching between GSTR-3B and GSTR-1.
The GSTR-3B is already filed by exporters for August and September month. The GSTR-1 form for August and September is waiting to be filed as the due date is not announced yet. While speaking to Press Trust Of India, Kumar told, “A separate online app for claiming Integrated GST refunds for August and September would be made available on GSTN portal this week.”
The online app will allow the users to upload sales data in the GSTR-1 form which is possible after furnishing the details of exports in Table 6A of the form. The extraction of table 6A is possible and by signing the table details digitally, it will automatically be redirected to the customs department of India.
After getting the information, the customs department cross-check the details furnished in the table 6A with the information mentioned for taxes paid in GSTR-3B form and shipping bill data. When the validation process completes, the refund amount is deposited in the bank account of exporters through ECS or a cheque.
According to data collected by sources, total 55.87 lakh taxpayers furnished the GSTR-3B form for July month, total 51.37 lakh taxpayers furnished the GSTR-3B form for August month and above 40 lakh filed for September month. The GSTR-3B form is furnished on 20th of the following month in a given tax period after paying the respective taxes. The GSTR-1, GSTR-2 and GSTR-3 forms are furnished by businesses with the invoice-wise details of exports or imports. The due dates for filing returns in August and September month are not finalized yet.
For July-August month, the total of Rs. 67,000 Crore has collected from taxpayers as Integrated GST. Out of the total collected The GSTN system, who handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds. For exporters, it will become easy to claim the refunds for GST paid in August and September this year. Prakash Kumar, Chief executive officer at Goods and Services Tax Network, mentioned on Monday that GSTN system had already started refunding the compensation to exporters from October 10 for the integrated GST paid in July month. The distribution of refunds was based on the matching between GSTR-3B and GSTR-1.
To sort out this problem of liquidity shortage, the GST Council has come up with the solution under a scheme. The package includes an extension in the Advance Authorisation, 100 percent EOU (Export Oriented Unit), and Export Promotion Capital Goods (EPCG) schemes to sourcing input products from domestic manufacturer and suppliers or from abroad until March 31, which doesn’t need to pay Integrated GST.
The GOI is trying hard to clear GST refunds pending with the GSTN system and it will be done by November end. The first check of refunds for July month was issued on October 10.
