As much as Rs 150 crore of Integrated Goods and Services Tax (IGST) refunds are pending for exports though the Cochin port, due to technical errors, said a report in Times of India.
The exporters who have IGST refund or Input Tax credit (ITCBSE -1.37 %) claim pending with the Central Board of Excise and Customs (CBEC) can visit the field offices where the tax officials will help them.
“Attention Exporters – CBEC is observing Refund Fortnight from 15 to 29th March, 2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC) #GoodAndSimpleTax,” the CBEC tweeted.
The CBEC has already given refunds to the tune of Rs 5,000 crore but as much as 70 per cent of total refunds to exporters is still stuck even after eight months of GST roll out.
Goods and Services Tax (GST) was rolled out from July 1, 2017.
The issue of refunds to exporters has been delayed for over eight months now, with exporters complaining that delay in GST refunds has blocked their working capital.
The revenue department, on the other hand, has argued that there are discrepancies in forms submitted by exporters with the customs department and those with the GST Network (GSTN).
The CBEC said it has come up with new facility for sanctioning Integrated GST (IGST) refunds held up due to either mismatch in invoice filed with Customs and that with GSTN. Also it has made available new facility for errors associated with filing of Export General Manifest in gateway port.
“Special ‘Refunds Cell’ with dedicated manpower and infrastructure are being operated at all Customs formations during this fortnight to speed up sanctioning of refunds,” CBEC said.
With regard to pending ITC refund, the CBEC said the claims need to be filed with jurisdictional tax authority to which the taxpayer has been assigned.
“The refund claims need to be filed with only one authority. No need to file claims separately with Centre and state for refund of CGST and SGST, respectively,” the CBEC said.
The Prime Minister’s Office had earlier this week called a meeting of top officials of commerce and finance ministries to discuss the issue of GST refunds.
The GST Council in its meeting last week decided to implement e-wallet scheme for refunds to exporters by October 1. Under the e-wallet mechanism, a notional credit would be transferred to the exporters account based on their past record and the credit can be used to pay taxes on input.
Source: Economic Times
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