GST Exporter Refunds Deposit In Account Notified With Customs

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So far exporters made an outcry due to the disadvantage they were landed in due to the implementation of GST. But considering their demands and the loss the sector had suffered, the government is fast gearing to rule out the different errands.

 GST Exporter Refunds Deposit In Account Notified With Customs

As part of the drive, the refunds that remained due to them are now being said to be submitted by November end in the bank account provided by the exporters to the customs dept. Further, CBEC has asked the exporters to match their bank accounts with both the CBEC and GST.

The CBEC said," In order to ensure smooth processing and payment of refund of IGST paid on exported goods, it has been decided that said refund amount shall be credited to the bank account of the exporter registered with customs even if it is different from the bank account of the applicant mentioned in his registration particulars,"

During the period between July and August, of the total I GST of Rs. 67000 crore, Rs. 5000 - Rs. 10000 crore is due to the exporters as refunds. For such claims, exporters need to fill in table 6A with the GSTR1 for the three months.

Goodreturns.in

Read more about: gst, exporters, refund, igst, customs
Story first published: Saturday, October 14, 2017, 15:08 [IST]
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