Business Standard

Over Rs 1.12 lakh crore paid as IGST refunds to exporters: CBIC


ANI General News
The Central Board of Indirect Taxes and Customs (CBIC) on Monday said that it has paid IGST refunds worth over Rs 1.12 lakh crores to more than 83,500 exporters till date.
"The exporters have already been paid IGST refund of over Rs 1.12 lakh crores and over 83,500 exporters have been benefited by these refunds. This shows that the government's efforts to fast track refunds under GST especially to exporters are yielding results," the release by CBIC read.
Stating the refunds pending with Customs, the release added, "refunds of only Rs. 3,604 crores are pending with Customs and out of about 185,000 exporters, a total of 6,421 exporters (about 3.4 per cent only) including some 'star exporters' have been identified as risky and hence, red-flagged. Even some 'star exporters' are not traceable at addresses given by them."
Through the release, CBIC said that it was using data analytics to identify the risky exporters that "take input tax credit fraudulently and monetise it by paying IGST and taking refund thereof or taking a refund of the accumulated ITC."
1,241 exporters are not traceable at their given addresses according to the verifications conducted, including 8 'star exporters' and adverse verification reports have been received against 399 other exporters, according to the release.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 30 2019 | 10:09 PM IST

Explore News