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India Inc seeks more time for filing GST annual returns, audit reports

India Inc seeks more time for filing GST annual returns, audit reports

With less than a month left for the deadline to file the annual GST returns and audit reports, businesses are still awaiting the online utility on the GST portal as well as more clarity on various provisions and are hoping to get an extension in the due date.

Almost all registered taxpayers under the GST are required to file annual returns by December 31 in GSTR-9. Further, businesses with an annual turnover of over 2 crore pan India also need to file an audit report under GSTR-9C by the end of this month.

Trade and industry is seeking an extension till March 31, 2019, hoping that apart from the online utility, the government will also clarify on various requirements in the forms.

HSN-wise information

One of the biggest challenges in the GSTR-9 annual returns is the requirement for HSN-wise information of the goods supplied and purchased. However, experts say that the HSN code for inward supplies was not captured for GSTR-3B returns and now businesses will have to review all their past purchases and monthly returns to file this.

Another problem is the bifurcation of input tax credit availed such as inputs, input service and capital goods, which again did not have to be done in the GSTR-3B returns. Experts say that for small businesses, the lack of clarity and requirement to review all past purchases would require more time.

“Industry requires clarity on a number of issues including HSN code for inward supplies, availing of input tax credit and rectification of mistakes. Further, the utility for filing these forms is also not available on the GST portal till now. In such a situation, the government should consider clarifying these issues and also extending the due date to March 31, 2019,” said Bimal Jain, Executive Director, A2Z Taxcorp.

Similarly, the GST audit report will require virtually a reconciliation of the entire financials such as balance sheet and P&L with the GST return on a State-wide basis.

“For large companies, with registration across the country or even in say 30 States and UTs would be a mammoth task,” said a tax expert, who did not wish to be named, adding that the forms were notified as late as September, giving little time to taxpayers to understand the requirements.

Industry chamber CII has also urged the Central Board of Indirect Taxes and Customs to extend the deadline to March 31, 2019. “Amendments and changes in compliance, though welcome and trade friendly, have made the trade split the data of the financial year into different periods for different compliances,” it said, noting that the due dates of filing of GSTR 3B was also extended for different months, making it more difficult to ensure compliance with regard to payment of interest and late fee.


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Source: The Hindu. Business Line
Keeping it simple: Reconciliation of GST data in 5 steps

Keeping it simple: Reconciliation of GST data in 5 steps

Reconciliation under Goods & Services Tax (GST) is about matching the data filed by the supplier with those of the recipients and recording all the transactions that have taken place during that period. The reconciliation process ensures that no sales or purchases are omitted or wrongly reported in the GST returns.

The taxpayers must reconcile their data on a regular basis with that of the vendors to claim eligible Input Tax Credit (ITC). The process of reconciliation is simple, but can be time-consuming, as the taxpayers are required to continuously keep an eye on any discrepancy or mismatches that may affect the ITC claim.

This article will bring about clarity to an otherwise tedious process in less than 5 easy steps.

1. Under the reconciliation process of GST for the financial year (FY) 2017-18, the taxpayers are required to mandatorily file all the periodic GST returns. Even if the due date for a particular GST return is missed, it should be filed along with the interest or the late fees as applicable. As long as the GST returns are not filed, matching and reconciliation process will not take off. The taxpayers need to update their books of accounts and align the tax returns accordingly. Unless and until all the GST returns are filed, the taxpayers won’t be able to claim adequate ITC.

2. Furthermore, the taxpayers should identify the mismatches and correct the relevant entries in the books of accounts. They should also amend these details in the coming GST return filing period. GST laws do not allow for revision of tax returns filed in the previous periods. However, it does allow for filing of the corrected entries via an amendment return in the next periodic return. These amendment entries should be filed in GSTR 1 & GSTR 3B, accordingly.

Make sure you carefully match the purchase register with GSTR 3B (uploaded month wise) and with GSTR 2A details (uploaded by the supplier). It is important to streamline the books of accounts, the GSTR-3B return, and GSTR-2A form to fully avail the ITC on the relevant purchases; otherwise, the taxpayer will lose ITC claim and will end up paying extra taxes.

3. The congruity between the books of accounts and the GST returns is crucial for claiming ITC. Additionally, taxpayers while claiming ITC on purchases should keep a check on taxes paid under the reverse charge mechanism. However, a taxpayer can only avail credit of taxes paid under reverse charge mechanism only if the goods and/or services are used or will be used for purpose of business.

4. Communication is the key, especially amongst the vendors and customers. This coordination results in uniform reporting of the details in the GST returns. Chances of mismatches, omission or incorrect entries are reduced when the suppliers’ and the recipients’ synchronize their details and then file GST returns. It is also very important to identify the non-compliant vendors, interact with them, and resolve the queries; this will help the recipients maximise ITC. Now, advanced reconciliation software can help reduce this communication gap between the suppliers and the recipients. These software enable the users to send a reconciliation mismatch report to the vendors or suppliers to resolve any issue arising out of it.

5. Lastly, the taxpayers should report all the rectified sale or purchase transactions of the FY 2017 -18, for the September returns. This September 2018, the returns are to be filed by 20 October 2018. This is the last chance for the taxpayers to report and correct all differences filed in tax returns of FY 2017-18.

Any taxpayer who has not claimed ITC in the preceding months can avail the same in the subsequent months, but not later than the filing of annual return i.e GSTR -9 or filing of GST returns for September month of the subsequent financial year, whichever is earlier. Any amendments or changes to the previously filed returns can be done within the same timeline.

GST reconciliation is a recurring event, it must be performed periodically to claim maximum credit and to avoid mismatches on a larger scale. The taxpayers shall communicate the queries with his recipients or vendors at the earliest and file error-free returns.

XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: Economic Times.India
Author: Archit Gupta
Simplified GST Return Forms to be Rolled Out from April 1, Says Revenue Secretary

Simplified GST Return Forms to be Rolled Out from April 1, Says Revenue Secretary

The new simplified GST return forms will be rolled out from April 1, 2019, Revenue Secretary Ajay Bhushan Pandey said Tuesday.

He exuded confidence that the government will achieve the budgeted target for Goods and Services Tax (GST) collection and said the revenue department is getting inputs about entities which are evading taxes.

In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore.

“We are short by Rs 4,000 crore this month (November). To arrive at any conclusion we have to have some more months’ data. But we are confident that we will be able to achieve our target. Our monthly target is around Rs 1 lakh crore. This we want to increase to Rs 1.10 lakh crore,” Pandey said. GST collection in November was Rs 97,637 crore.

Speaking to reporters on the sidelines of the Directorate of Revenue Intelligence (DRI) Foundation Day, the secretary said the refund process is being further streamlined to make it completely online and taxpayer friendly.

When asked about the rollout of the simplified return forms, Pandey said, “we are targeting from April 1”.

In July, the Central Board of Indirect Taxes and Customs (CBIC) had put up in public domain draft GST returns forms ‘Sahaj’ and ‘Sugam’ and sought public comments. These forms would replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form).

Pandey further said the next meeting of the GST Council, chaired by Union Finance Minister and comprising state counterparts, will be held this month.

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Source: News18
Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending

Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending

The finance ministry said Rs 91,149 crore has been issued so far to exporters as GST refunds, which are 93.77 percent of total claims with the tax authorities.

In a statement, the ministry said Rs 6,053 crore worth GST refund is still pending with the government and that is being “expeditiously processed”.

“Total GST refunds to the tune of Rs 91,149 crore have been disposed of by CBIC and state authorities out of the total refund claims of Rs 97,202 crore received so far. Thus, the disposal rate of 93.77 per cent has been achieved,” the ministry said.

 Giving break-up for the refund figures, the ministry said that Rs 48,455 crore of IGST refunds has been disposed of as on November 28, which is 95 per cent of the total such claims.

As much as Rs 2,473 crore worth of IGST refund claims is held up on account of “various deficiencies” which have been communicated to exporters for remedial action.

With regard to refund of input tax credit claims, the ministry said of the total claims of Rs 46,274 crore, the pendency as on December 3 stood at Rs 3,580 crore.

“Provisional/final order has been issued in case of (ITC) refunds amounting to Rs 37,406 crore. In claims amounting to Rs 5,288 crore, deficiency memos have been issued by respective GST authorities,” the statement said.

The ministry said pending GST refund claims amounting to Rs 6,053 crore are being expeditiously processed so as to provide relief to eligible claimants.

“Refund claims without any deficiency are being cleared expeditiously,” it added.

Efforts are being made continuously to clear all the pending refund claims, where ever requisite information is provided and found eligible, it said.

“Co-operation of the exporter community is solicited to ensure that they respond to the deficiency memos and errors communicated by Centre and State GST as well as Customs Authorities and also exercise due diligence while filing GSTR 1 and GSTR 3B returns as well as Shipping Bills,” the statement added.


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Source: Money Control.
GST: Amnesty scheme likely for ‘nil’, non-filers

GST: Amnesty scheme likely for ‘nil’, non-filers

The Goods and Services Tax (GST) Council may consider one-time amnesty scheme to facilitate exit for ‘nil’ filers and non-filers.

“Approximately there are 25 lakh ‘nil’ filer assessees while on an average 10 per cent of assessees have never filed returns so far,” a senior tax official told Businessline. These assessees do not contribute anything but add to the work of the tax system. “A scheme for exit will bring relief to the tax payers as it will bring down their compliance cost and at the same time there will be less pressure on the GST Network,” he said. An amnesty scheme is a mechanism adopted by the Government to encourage compliance under taxation laws.

According to the law, every person registered under GST will have to file returns in some form or the other. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (supplier opting for composition scheme). An ISD (Input Service Distributor) will have to file monthly returns showing details of credit distributed during the particular month. A person required to deduct tax (TDS or Tax Deducted at Source) and persons required to collect tax (TCS or Tax Collected at Source) will also have to file monthly returns showing the amount deducted/collected and other specified details. A non-resident taxable person will also have to file returns for the period of activity undertaken.

Late fee

Any registered entity not filing return will have to pay penalty in the form of late fee. For late filing of GSTR 3B, the entity is obliged to pay a late fee of 50 a day, that is, 25 per day in each case of CGST and SGST (in case of any tax liability) and 20 a day, that is, 10 in each CGST and SGST (in case of Nil tax liability) subject to a maximum of 5,000 from the given due date to the actual date when the returns are finally filed. Amnesty scheme is likely to give relief from such fees.

“Initial GST days resulted in lot of non-compliances on account of lack of clarity of law, frequent amendments, GSTN portal issues etc. Thus, an amnesty scheme, which can encourage genuine non-filers to suo moto come out and complete their backlog of non-compliances without any fear of penal consequences, would be a welcome step,” Harpreet Singh, Partner at KPMG, said.

As of now, there are 1.16 crore people registered under GST. These include over 64 lakh who migrated from the old system. During the pre-GST regime, the States had different slabs for registration under VAT/ST, which was as low as 1 lakh and could go up to 10 lakh: the thresholds for Service Tax and Central Excise were 10 lakh and 1.5 crore respectively. According to law, all such assessees were migrated to GST. Now under GST, the threshold is 20 lakh (10 lakh in some States) which means many from the pre-GST regime can take advantage of the amnesty scheme to exit with ease.

“Traditionally, amnesty schemes have generally resulted in increased compliance and tax revenues. However, timingof of the scheme, immunity from penal consequences and commitment to not initiate any investigations for those who participate in such scheme are some critical aspects on which the success or failure of the scheme hinges,” Singh said.

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Source: Business Line.The Hindu
GST Annual Return And Audit: Complexities Galore

GST Annual Return And Audit: Complexities Galore

In less than 30 days from now, over 1.15 crore taxpayers will have to file the Goods and Services annual return and audit forms. Made available by the government in September this year, the forms require businesses to not only consolidate information that they have been filing in monthly returns but also reconcile it. Both the forms are fraught with complexities and given that many companies have only now engaged auditors, it would be near impossible to meet the Dec. 31 deadline, experts told BloombergQuint.

GST Annual Return: Surprises

The annual return Form 9 is essentially consolidation of information that taxpayers have been filing via summary return Form 3B and outward supplies Form GSTR 1. It requires consolidation of outward and inward supplies, input tax credit, tax paid, GST demands and refunds.

There are two key areas of concerns in Form 9: requirement of HSN Code for input side and bifurcation of input tax credit or ITC.

The HSN Code Problem:

HSN codes are prescribed by the government to classify goods and services. So far, a buyer while filing Form 3B and GSTR 1 didn’t have to mention the HSN codes of the inputs—i.e. goods bought from a vendor. But the annual return form requires them to do this classification. This is new information altogether that needs to be given and companies’ ERP systems are not geared to give input classifications, Jigar Doshi, an indirect tax partner at SKP Business Consulting, pointed out.

Ritesh Kanodia, a partner at Dhruva Advisors questioned the need for this data.

“The liability for a taxpayer arises only on account of HSN of goods and services he sells and their rate of tax. The HSN of the vendor is not his liability. He merely takes credit for what he has paid for the inputs. He is not going to get into the debate of what is the HSN of the inputs, the rate of tax on them, etc.”

Ritesh Kanodia, Partner, Dhruva Advisors

So there is no need for him to get into the HSN for inputs and many companies won’t even have this data, he said.

ITC Bifurcation Problem: 

The annual return requires a three-way split of ITC availed into inputs, input services, and capital goods credits, Doshi said. But in the reporting so far, there was no concept of ITC bifurcation, Kanodia added. He explained the issue by way of an illustration—let’s say, we purchase some machinery. That is a fixed asset. So the credit has been taken as capital goods. If I purchase some inputs, credit has been taken as that and similarly for input services. What has been reported in Form 3B so far is the total figure.

“This data is not appearing anywhere else. Credit is available to me, I can consume that credit. Capital goods—I can understand—because there are certain rules around capital goods. But why do I need this bifurcation for input and input service?”

Ritesh Kanodia, Partner, Dhruva Advisors

That’s another layer of complication which has been added in the annual return form, he said.

GST Audit: Complexities

The complexities in the annual return form pale in comparison to what the audit process entails, both the experts pointed out.

Divided in two parts, the GST Audit Form 9C needs to be filed by a taxpayer who has an aggregate annual turnover exceeding Rs 2 crore. It requires companies to reconcile turnover declared in the financial statement and annual return, tax liability and tax paid, input tax credit availed and reported. Any liability arising out of non-reconciliation also needs to be specified.

This form is trying to dissect the entire financial statement—P&L and balance sheet— and compare the numbers on the outward-inward side and the tax-paid side with the annual return numbers which have been disclosed, Doshi said.

The objective is to assess whether you’ve paid GST on transactions recorded in the books of accounts and, if not, then the explanation for it needs to be provided, Kanodia said. “Similarly, on the credit side, whatever credits you have taken, there is an entry in the books of accounts. That needs to be reconciled with the annual return. So, reconciling rupee to rupee with the books of account is the objective of this exercise,” he added.

And the complexities are many:

Unclear Time Period: The filing threshold is based on gross turnover in a financial year, Kanodia said, but GST came in July. “You have lot of adjustments which happen in any financial accounting—for instance, unbilled revenue. Do I consider the beginning of the financial year or the beginning of July? There are lot of adjustments which need to be seen,” he added.

State-Wise Audit: Doshi explained that GST Identification Number is the basis for the audit. If a taxpayer has branches in five states and each has a separate GSTIN, then five audits need to be done. This would require GSTIN-level bifurcation of audited financial statements which most companies do not maintain, he said.

Reconciliation Issues: GSTR 1, which is filed at the state level, will need to be reconciled with the income and sales ledger at the company P&L level which is not available state-wise and it’s likely that the consolidated figure of different states’ GSTR 1 may not match with the annual P&L, Kanodia explained. This could be due to accrual entries, IND-AS, out-of-scope GST supplies, etc, he added.

“This may entail a line-item level analysis to find out unreconciled line items and ascertain reasons of such mismatch, which is time consuming. Availability of data in the right format is critical to carry out such reconciliations.”


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Source: Bloomberg Quint
GST collection for November drops to Rs 97,637 crore

GST collection for November drops to Rs 97,637 crore

Goods and Services (GST) collection in November dropped to Rs 97,637 crore, lower than Rs 1 lakh crore collected the previous month.
The total number of GSTR 3B returns filed for October up to November 30, 2018, is 69.6 lakh, the finance ministry said in a statement. Compensation released to states for August-September stood at Rs 11,922 crore.

Of the Rs 97,637 crore collected, central GST (CGST) collection is Rs 16,812 crore, state GST (SGST) is Rs 23,070 crore, integrated GST (IGST) is Rs 49,726 crore (including Rs 24,133 crore collected on imports) and cess is Rs 8,031 crore (including Rs 842 crore collected on imports).

The government has settled Rs 18,262 crore to CGST and Rs 15,704 crore to SGST from IGST as a regular settlement.

The total revenue earned by the central government and the state governments after regular settlement in November 2018 is Rs 35,073 crore for CGST and Rs 38,774 crore for SGST, the ministry added.
The GST collections stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1,00,710 crore in October.
Commenting on the number, EY Tax Partner Abhishek Jain said, “While the GST collections have shrunk vis-a-vis the earlier month, it is higher than the average monthly collection in the year. This steady increase in average collection brings a gleam of hope for a regular monthly collection of Rs 1 lakh crore being met soon.


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Source: Economic Times.India
Petrol, diesel on agenda of GST council: Jaitley

Petrol, diesel on agenda of GST council: Jaitley

Finance Minister Arun Jaitley on Tuesday said to bring petrol and diesel under GST is on agenda in GST council.

He said the Centre’s moves on GST and demonetisation were in public interest.

“The Central government is in its favour but needs a consensus of all states to include petrol and diesel in GST. Till then we are trying our best,” he told a press conference at the release of BJP manifesto here.

“GST council does not want to thrust this decision on all states by taking a consent of a few states but would prefer a general consensus. It is a federal setup and such a move may affect revenue aspects of any states, if decided unilaterally,” Jaitley replied to a question.

The GST council had held 31 meetings so far and every decision was unanimously taken by the member states, he claimed.

The states are getting their share of 50 per cent from GST directly and about 21 per cent from devolution of funds under various Central schemes, Jaitley said.

When reminded that Congress president Rahul Gandhi has renamed GST as “Gabbar Singh Tax” and termed note ban as corruption, Jaitley said, “During the UPA government’s 10 years, total taxes, including VAT, CST and cascading effect, were 31 per cent. Now, on 334 commodities the GST tax range is 12 to 18 per cent. UPA had the Gabbar Tax, not the Modi government. Even the Income Tax payers figures have risen from 3.8 cr to 6.84 cr in last four years, and by next year it would be 7.6 cr. The Congress leader is doing sheer naadani.”

When asked Rahul Gandhi announcement on waiving farmers’ loan in 10 days, the FM said, “The Congress knows it would not come in power in the state, hence it made the announcement. The Congress made similar promise in Karnataka and Punjab, but in the latter state the government was ‘kangaal’ (bankrupt). Punjab government did for make-belief and there was only Rs 25000 cr left in the development expenditure fund.”

“It is the Congress that is playing a politics of casteism by not declaring CM face in Rajasthan, and playing cards of six castes by projecting six leaders to keep voters confused. However, BJP has declared its CM face and does not want to fool people,” he replied to another question.

“To run a country the leader should have vision not on hollow slogans that the Congress is doing,” he alleged.
“Today we unveil the manifesto for Rajasthan which is a road map of the state. It shows the direction in which the BJP wants to take Rajasthan towards,” Jaitley said, adding the state has emerged from six states to developing state.


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Source : The Tribune
GST on banks free services may be passed on to customers

GST on banks free services may be passed on to customers

Faced with the prospect of paying goods and services tax (GST) on ‘free services’ provided to customers who maintain a minimum balance in their accounts, top lenders including State Bank of India, ICICI Bank and HDFC Bank are considering passing on this cost to them.

Over the past two months, the tax department has issued preliminary notices to banks seeking to levy goods and services tax on services such as issuing checkbooks and additional credit cards, ATM usage and refund of fuel surcharge. The GST notices are separate from those served in April to recover about Rs 40,000 crore in service tax and penalties from all banks.

“Most banks are now considering passing on the GST cost to the customer. This would be a pure pass-through and the amount would go directly to the government,” VG Kannan, CEO of the Indian Banks’ Association, told ET. “How much the customer would be charged would differ from one bank to another as that would depend on how the free services are valued.”

1

 

Most of the major banks have agreed to start charging 18% GST on the free services, according to people familiar with the matter. “We have agreed in principle that we would start collecting GST from customers. The mechanics need to be worked out, but since we are not that big in retail banking, we will wait for the larger banks to come out with a methodology,” said the tax head of a multinational bank.

The tax department claims that customers maintaining a minimum balance in their accounts get some free services that have a “deemed value” and are taxable. GST will be calculated taking into account the charges paid for such services by customers who do not maintain a minimum account balance.

Tax experts said the notices have come even after clarifications were provided following the service tax notices to the banks in April. “We understand that industry has represented to the ministry of finance. The GST FAQs also in a way accepts that free supply cannot be treated as consideration for maintaining minimum balances in bank accounts,” said Dharmesh Panchal, deputy indirect tax leader at PwC India.

Industry experts said if the same principle is used, then other sectors that give volume or other types of discounts could also be served tax demands. “Levy of GST on discretionary charges levied by banks for nonadherence of certain parameters would increase the cost to certain categories of customers, in addition to opening avenues for many more similar cases where charges are levied without any underlying services. Many other businesses will be watching the developments in this space as technically there could be a need to pay GST on such charges in terms of Schedule 2 of the CGST Act,” said MS Mani, a partner at Deloitte India.

The GST notices have also been issued to multinational banks DBS Bank and Citibank said people aware of the matter. SBI, HDFC Bank, ICICI Bank, Punjab National Bank, Axis Bank, DBS Bank, and Citibank did not respond to ET’s queries. “Most banks could start charging GST from December. While banks would not pass on the service tax burden to customers, for now, that too could happen in future as we think the revenue department is sticking to its position,” said Kannan of IBA.

Experts said tax department’s logic in determining the value of free services provided under the contract between a bank and its customer may lead to other complications and similar notices could be issued to telecom, real estate, and advertising companies if the same principle is applied.

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Source: Economic Times.India

 

FISME facilitates meeting of MSME exporters with GST officials over pending IGST refund

FISME facilitates meeting of MSME exporters with GST officials over pending IGST refund

Large number of exporters from Micro, Small and Medium Enterprises (MSMEs) sector held a meeting with senior GST officials over their pending refunds due to drawback issue in Integrated Goods and Service Tax (IGST). The meeting was facilitated by Federation of Indian Micro and Small & Medium Enterprises (FISME) in the national capital.

More than 70 exporters were present in the meeting.

SK Rahman, Additional Director General, Directorate of GST along with other officials were present in the meeting.

On the vex issue of refund of IGST in cases where exporters ‘erroneously’ opted for higher drawback, Rahman apprised them about a recent CBIC Circular which said “…There is no justification for re-opening the issue at this stage.”

He elaborated that the directorate can’t reopen the issue at this stage as it may lead to double claims or would result into CAG’s objection.

“It has been noted that exporters had availed the option to take drawback at higher rate in place of IGST refund out of their own -volition. Considering the fact that exporters have made aforesaid declaration while claiming the higher rate of drawback, it has been decided that it would not be justified allowing exporters to avail IGST refund after initially claiming the benefit of higher drawback. There is no justification for re-opening the issue at this stage,” Rahman read the CBIC circular which was release in October.

He said that in August 2018 also it was clarified to the exporters during a meeting that the issue cannot be reopened at this stage.

Many exporters shared their anguish towards the CBIC order crying that crores of rupees are stuck due to this issue and leading to working capital shortage.

Giving a patient hearing to the exporters on this issue, Rahman asked them to make a representation to the highest authority.

Also, the GST officials answered the queries of exporters related to GST issues that are troubling the exporters.

The officials also requested the exporters to make the use of help desk that has been set up for 100 days just to solve the issues of the taxpayers.

Pankaj Bansal, FISME Treasurer, said, “Exporters are facing significant shrinkage in their working capital under the new system which is restricting their ability to take in new orders. Because of the drawback issue, the exporters have come under huge credit burden and facing enormous fall in their turnover.”

After the meeting, Bansal said the some concerns of the exporters have been addressed but the refund of IGST issue still remains.

He said the exporters, who have formed a forum, will make a representation and submit to the concerned departments for successful resolution of their issues.


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Sources : KNN India