Tag of "Risky Exporter": Pain to Genuine Exporter

According to Article 286(1) of Constitution of India, Export of goods and services is not subject to any taxes either by Centre or state government. Accordingly, sufficient provisions are given under CGST and IGST Act.
 
NEHRU PLACE, India - Dec. 24, 2021 - PRLog -- However, through a fully automatic refund process, authorities have observed several cases where refunds are claimed by various fraudulent exporters where they claiming ITC either on the basis of ineligible documents or fraudulent documents.

Therefore, in mid of 2019 CBIC implemented a new internal control to ensure that refund is granted only in genuine cases. CBIC started identifying risky exporters and IGST refund of such risky exporters was put on hold till detailed verification is carried out. For risky exporters, the department not only kept IGST refund in abeyance rather drawbacks of such exporters have also been put on hold which further increased the difficulty of genuine exporters. Since the implementation of this additional check, many identified risky exporters have successfully recovered their GST refund by following the set procedures. However, there are many exporters who are still waiting to receive their GST refund after being identified as Risky Exporters.

Click here for more - https://vjmglobal.com/gst/

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VJM & Associates LLP
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Email:***@gmail.com
Tags:Risky Exporters
Industry:Accounting
Location:Nehru Place - Delhi - India
Subject:Services
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