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
With Britain set to launch the formal process of its exit from the EU on Wednesday, a prominent British entrepreneur has said that a joint working group of officials from both ...
In addition to the US, EU and Australia, this year, Indian mango exporters are eyeing markets in South Korea and Iran. This will be their first attempt at penetrating these mar...
Food Corporation of India, the country's largest stockholder of foodgrains, has chosen mjunction to auction foodgrains for two years beginning April 2017, in a bid to provi...