Economy

FinMin to refund Rs 600 cr to exporters in a few days

FinMin to refund Rs 600 cr to exporters in a few days”

Even after filing it, businesses will have to upload invoices and file final returns in the GSTR-1, 2 and 3 forms on a stipulated date.

"The hourly trend for GSTR-3B from August 12 to September 20 shows that about 94 per cent of taxpayers filed the returns between 10 a.m. and 10 p.m". This is not the case.

This is the second month of GSTR-3B filing after the Goods and Services Tax (GST) was rolled out from July 1.

Tax e-filing network ClearTax said, "allowing refund based on GSTR-3B and GSTR-1 submission will ease up working capital and business issues for exporters who have had their funds locked up". But, in the meantime, we are also finding other ways of giving refund, if necessary through a manual procedure.

The GST Council, comprising Union finance minister Arun Jaitley and comprising state counterparts, had earlier this month chose to set up a Group of Ministers to sort out the issues faced by businesses while filing returns and paying taxes on GSTN portal.

The government clarification came amidst reports of apprehensions about the blockage of working capital for exporters post-GST. "It is working on issues of exports sector and would present the solution to their problems before the GST Council as soon as possible", the statement said.

Earlier this week, the finance ministry had interacted with exporters of eight sectors regarding the problems being faced by them under GST.

The ministry also asked states and central government authorities to expeditiously clear the pre-GST refund claims of central excise and Value-Added Tax, "so that the exporters will get immediate relief".

The ministry pointed out that the Rs65,000 crore tax rebate claimed by taxpayers in July for central taxes paid in the previous indirect tax system was actually their balance of credit after having paid their due taxes for the first month of GST roll-out.

The move assumes significance as Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that if refund does not start flowing immediately, then about Rs 60,000-65,000 crore would be stuck by the end of October.

Before GST, exporters enjoyed upfront tax exemption on exported goods, but now under GST, they have to pay taxes before procurement of goods and services.

"For such class of exporters, earlier also there was a normal blockage of funds for a period of five-six months at least except for those using facility of advance authorisation", it said.



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