Exporters can claim GST refund this week

25 October, 2017, 01:06 | Author: Sheri Evans
  • Exporters can claim GST refund this week

The government had earlier waived the late fee for delayed filing for the month of July, media reported.

On a day the government announced waiver of late fee for those who filed late tax returns for months of August and September, he indicated rationalisation of GST tax slabs once revenue stream stabilises.

As per available data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September.

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Finance Minister Arun Jaitley said that the decision had been taken for the convenience of taxpayers and that the taxpayers who have paid the late fee while filing their GSTR-3B forms will have the amount credited to their ledgers. "Late fee paid will be credited back to taxpayer ledger", Jaitley informed. As of now, a Group of Ministers led by Assam Finance Minister Himanta Biswa Sarma is looking into the glitches in GSTN portal or order from the GST Council.

For September, the last date to file GSTR-3B was October 20. The monthly return for each month is supposed to be filed on 20th of the next month.

Till Monday, 42.91 lakh business entities had filed September's initial GSTR-3B return, which is basic self-assessment of sales and purchase, the statement added.

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For July and August, 33.98 and 28.46 returns were filed before the due date respectively. Integrated GST collections stood at ₹48,948 crore, of which ₹23,951 crore was on account of imports. The table, bearing the exporters' digital signatures, will be then extracted separately and would automatically go to the customs department.

GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1. In instructions issued to Customs authorities by CBEC on October 9, the CBEC had said that filing of correct EGM is a must for treating shipping bill or bill of export as a refund claim.

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