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Exporters to get GST refund in bank account filed with customs dept

Government will clear pending GST refunds of exporters by November-end

Press Trust of India  |  New Delhi 

GST. Illustration: Ajay Mohanty
GST. Illustration: Ajay Mohanty

The government has decided to give refund to in the bank accounts they have filed with the customs department and not in those they have mentioned in the registration forms. The (CBEC) said it has asked to align their bank account details declared to the customs with that of regime. Under the rules, a refund is to be credited to the bank account mentioned in the registration particulars. Besides, have been declaring details of bank account to customs authorities for the purpose of drawback etc. The CBEC said that there is a possibility that bank account details available with the customs department do not match with those declared in the registration form. "In order to ensure smooth processing and payment of refund of paid on exported goods, it has been decided that said refund amount shall be credited to the bank account of the exporter registered with customs even if it is different from the bank account of the applicant mentioned in his registration particulars," the CBEC said. It also advised to either change the bank account declared to customs to align it with their registration particulars or add the account declared with Customs in their registration details for smooth transfer of refund. Revenue Secretary had earlier this week said that the government will clear pending refunds of by November-end.

Over July-August, an estimated Rs 67,000 crore has accumulated as the Integrated (IGST), of which only about Rs 5,000-10,000 crore will be due as refunds to For claiming the refunds, have to fill Table 6A while filing GSTR-1 for July, August and September. The (GST), the amalgamation of over a dozen indirect taxes like excise duty and VAT, does not provide for any exemption, and so are required to first pay Integrated-(IGST) on manufactured goods and claim refunds after exporting them. This had put severe liquidity crunch, particularly on aggregators. To ease their problems, the Council last week decided a package for them that includes extending the Advance Authorisation / Export Promotion Capital Goods (EPCG) / 100 per cent EOU (Export Oriented Unit) schemes to sourcing inputs from abroad as well as domestic suppliers till March 31, thus not requiring to pay

First Published: Fri, October 13 2017. 16:46 IST