Tax refund to exporters within 7 days under GST: Sitharaman Back to News & Events List


The tax claims of Indian exporters will be refunded by the Department of Revenue (DoR) within seven days under the proposed Goods and Services Tax (GST) regime, Commerce Minister Nirmala Sitharaman said on Thursday.
 
She also said that exporters would get interest on the refund if it is delayed beyond two weeks.
 
At a meeting in New Delhi on Thursday of the Council for Trade Development and Promotion, exporters were assured "that on 90 per cent of the amount (of refund), within seven days, the refund will be made and if there is an undue delay, interest will be paid on the amount due", Sitharaman said, briefing reporters on the meeting.
 
Exporters have been demanding exemption from GST regime on the grounds that delay in refunds often takes months and results in blocking of working capital.
 
GST clearly provides that the taxes must be paid and that the refund will be provided. So since the regime is so structured, in order to see that there is minimum pain to the exporters, the DoR has committed that 90 per cent of the refund will be made within seven days. Delays beyond that would invite interest payment, Commerce Secretary Rita Teaotia said.
 
This assurance satisfies the exporters, she said.
 
The issue about interest payment, what that amount would be and whether it would kick in after two weeks, that detail DoR would decide, Teaotia added.

Original Source: smetimes.in


Recent News


18

01/2017
Jobs Vacancy at iiiEM

Join our winning team Requirement for below position Counselors – Surat, Rajkot and Vadodara Quality Auditor - Ahmedabad Event Manager - Ahmedabad Video Edit...

17

01/2017
Join Export Import Program through bookmyshow.com

This is a program in Import and Export Management, PIEM,a 5 week comprehensive program designed with Practical Training Methodology. The faculty members arehands-on exporters t...

16

01/2017
Nashik exports 390 tonne grapes so far this season

The export of grapes from Nashik has begun and the district has exported around 390 metric tonne of grapes until January 2.   The exported grapes are from Satana belt ...

13

01/2017
Rs 50,000 crore worth MoUs signed on 2nd day of Vibrant Gujarat

Over Rs 50,000 crore worth MoUs for investments and credit were signed at the end of the second day of the Vibrant Gujarat Global Summit with State Bank of IndiaBSE -0.20 % lea...