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Input Tax Refund to Exporters

Capital Market 

Government has decided to speed up input to exporters. As per rule 91 of CGST Rules, 2017, ninety per cent of the amount claimed shall be granted on a provisional basis within a period not exceeding seven days from the date of acknowledgement of the claim.

Further, as per section 54(7) of the CGST Act, 2017, the final order for granting refund shall be issued within sixty days from the date of receipt of the complete application. Out of total taxpayers under GST, 64% were also registered under previous regime. No specific study has been undertaken on the impact of GST transition

64% of the total taxpayers registered under GST have transitioned from the previous regime to GST as on 2nd March, 2018.

The processing of refund claim is being done after the claimant has filed the GST return and the grant of the refund shall be within sixty days from the date of receipt of the complete application.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 11:19 IST
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