Exporters can soon claim refund for GST paid in Aug, Sept: GSTN CEO Back to News & Events List


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


Recent News


03

01/2018
Women no more at sea in the shipping industry

Sangeeta Sharma, a Shipping Corporation of India (SCI) veteran of 32 years, has been picked by the government headhunter Public Enterprises Selection Board (PESB), to run the S...

21

12/2017
Container volumes at Indian ports records 10 percent growth in Q2 FY18

December 7, 2017: India’s global containerized import-export recorded its highest growth in the past year, at a strong 10 percent in Q3 of 2017. As per a report by M...

22

11/2017
Alphaliner ups 2017 container volume growth forecast to 6.4%

Global container port volumes grew at 7.7% in the third quarter, higher than expected, according to a survey by analyst Alphaliner. Alphaliner surveyed 75% of t...

15

11/2017
Onion export jumps 56% in Apr-July, but India now importing

India's onion export rose by 56 per cent to 12.29 lakh tonnes in April-July this year, but the country has now gone in for import of the kitchen staple as retail prices hav...