Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said on Monday.
GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1.
For August and September, while the initial return GSTR-3B has already been filed, the final return GSTR-1 has not yet been filed.
A separate online app for claiming Integrated GST (IGST) refunds for August and September will be made available on GSTN portal this week, Kumar told PTI.
GSTN has developed the app wherein exporters can save and upload their sales data which are part of GSTR-1 after filling up export details in Table 6A.
The table will be then extracted separately and after exporters digitally sign it, it would automatically go to the customs department.
The customs department will then validate the information provided in the table with the shipping bill data and also the taxes paid in GSTR-3B. The refund amount will be either credited to exporter’s bank account through ECS or a cheque will be issued.
As per data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes.
Thereafter, final returns in form GSTR-1, 2, 3 are filed by businesses giving invoice wise details of sales. The final return filing for August and September has not started yet.
Over July-August, an estimated Rs.67,000 crore has accumulated as the Integrated GST (IGST), of which only about Rs.5,000-10,000 crore will be due as refunds to exporters.
Original Source: thehindubusinessline.com
Exporters have sought clarity from the government on the functioning of the eway bill when goods move from dry ports to sea ports for export and when they move between special...
Finance Minister Shri Arun Jaitley presented the union budget for 2018-19 with a new developmental framework with prime focuses on agrarian economy, rural development, social ...
The Budget has proposed a big expansion of the network of rural roads and agricultural markets, along with concrete steps to help farmers get better prices with the help of a ...