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IGST, Cess Relief Extended By 6 Months for IT Parks & Export Units
The ministry of finance has extended the exemption on IGST (Integrated Goods and Service Tax) and cess to Export Oriented Units and Software Technology Parks in India by six months to 31 March 2019. It was earlier scheduled to end on 30 September 2018.
In a notification, the Central Board of Indirect Taxes and Customs said the taxes would come to effect from 1 April 2019 instead of 1 October 2018.
The GST regime does not support exemptions as they keep the goods and services movement trail outside the income tax department's view. It requires upfront payment of taxes that will be subsequently refunded.
Similarly, the customs duty and any kind of special additional duty was not applicable to imports by Export Oriented Units and Software Technology Parks until the introduction of GST. IGST and cess would be applicable on such imports with a provision for a refund late,r if applicable.
The exemption was removed from 1 July 2017 (the day GST was launched) and brought in from 13 October 2018 on account of funds blocked for exporters and refund related issues. The 1 October 2018 extension was given with an expectation that the proposed e-wallet scheme would come into force by then replacing exemption, which appears to be further delayed.
