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Home >> News >> Exporters will Get Pending GST Refund in Two Month

Exporters will Get Pending GST Refund in Two Month

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Posted on: 09 Oct, 2017 Tags   GST Hashmukh Adhia

IndiaNewsonWeb: 09 Oct, 2017, The government will clear all GST refunds of exporters within two months. This will give them refund till November. Not only this, no tax will be levied for exporters in the next six months, as GST Council has decided to restore the system before the implementation of the goods and services tax. Revenue Secretary Hasmukh Adhia gave this information in an interview.

Adhiya said that during July-August, Rs 67,000 crore has been deposited as Integrated GST (IGST). Out of this, only Rs 5,000 crore and 10,000 crore are pending as exporters' GST refunds. As far as the remaining months of the current financial year are concerned, they will not have to pay any tax on items to be exported till March. An e-wallet service will be launched for exporters from the beginning of the next financial year i.e. 1st April. This service will provide signage credits to exporters. It will be used by the exporter to repay the GST. The credit in Wallet will be transferred to others.

The goods and services tax (GST) comprises half a dozen indirect taxes from the Central and State Governments. Since there is no exemption given to exporters in the GST system, they have to pay first IGST on manufactured goods. They can claim refunds on these items only after exporting them. Because of this, there is a crisis of liquidity in front of exporters. In order to relieve the crisis from the exporters, GST Council had decided to give a package to them on Friday. Under this, there will be no tax for exporters who produce goods themselves. Minimum tax of 0.1 percent will be taken from those exporters, who do not own the goods exporting.

Adiya also said that the government will declare the new frontline in relation to giving mandatory information of transactions of gold and other precious metals to prevent black money from entering the bull market. On Friday alone, the government had overturned its August order which brought gems and jewelery traders to the purview of Money Laundering Prevention Act. Due to this, gold trading in Dhanteras and Diwali can increase significantly. Due to the decision of the past, it is believed that there is no compulsion to give PAN and Aadhaar number on purchase of above Rs 50,000 now. However, the revenue secretary has not clarified the exact situation.
 

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