India's CBIC eases input tax refunds for exporters
20 Nov 19 1 min read
India’s Central Board of Indirect Taxes and Customs (CBIC) has asked officials not to insist on proof of realisation of export proceeds for processing input tax refunds. Delay in issuance of refunds has been a major concern by exporters since the goods and services tax (GST) began in 2017. CBIC said exports have been zero rated under the Integrated Goods and Services Act.
As long as goods have actually been exported, even after a period of three months, tax officials should not insist on payment of integrated tax first and claiming refund at a subsequent date, according to a report in a leading business newspaper.
Exporters were reportedly being asked to pay integrated tax in cases where the goods were exported more than three months after the date of the issue of the invoice for export.
As long as goods have actually been exported, even after a period of three months, tax officials should not insist on payment of integrated tax first and claiming refund at a subsequent date, according to a report in a leading business newspaper.
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Exporters were reportedly being asked to pay integrated tax in cases where the goods were exported more than three months after the date of the issue of the invoice for export.
Fibre2Fashion News Desk (DS)
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