Exporters feels relieved after Gov sanctioned GST refunds

Exporters feels relieved after Gov sanctioned GST refunds

After the hard work, the Central Board of Indirect Taxes and Customs (CBIC) has provided a relief to the exporters during the refund fortnight cum special drive period. In order to liquidate all pending GST, the centre and states have sanctioned in all Rs 17,616 crore –  Rs 9,604 crore (IGST refunds), Rs 5,510 crore (ITC refund by Centre) and Rs 2,502 crore (ITC refund by states).

By the end of March 31, 2018 another Rs 4,265 crore IGST refund has been sanctioned in the refund fortnight taking the total tally to Rs 9,604 crore, the sources informed.

As regards to ITC refunds, Rs 1,136 crore has been sanctioned during the period making the total figure of ITC sanctioned equal to Rs 5,510 crore by end of this fiscal.

“Special refund cells manned by experienced staff were put in place throughout the country,” official sources said.

During the financial year 2017-18, approx. Rs. 1833.25 crore has been disbursed to exporters against ROSL claims. Apart from this, an amount of Rs 16,680 crore duty drawback has been disbursed to exporters during the period from July 1, 2017 to March 31, 2018.

“The momentum gained during this fortnight would be carried on in future. The CBIC is dedicated to sanction all the legitimate refund claims of exporters. The efforts are being made to resolve those issues which are still pending in consultations with GSTN,” the sources said.

– Apparel and Textile News, Apparel Talk, Indian Apparel