Unscrupulous exporters alert now…
Risky
exporters are
3.5%
of the total exporters!
Why
Manual checks in
IGST
refunds introduced!
Some
newspapers have highlighted a perceived set-back to the automated process of
refunds for exporters under GST on account of the introduction of manual checks
to curb large scale frauds in IGST refunds. These news items regrettably create
a misleading impression that genuine exporters would suffer on account of the
newly introduced verification process.
The
CBIC has recently instructed its Customs and GST formations to verify the
correct availment of input tax credit (ITC) by few exporters who are perceived
as “risky” on the basis of pre-defined risk parameters. Only 5,106 risky
exporters have been identified so far as against about 1.42 lakh total
exporters.
Thus
the risky exporters are only 3.5% of the total exporters. Further, in the last two days i.e. 17.06.2019
and 18.06.2019 only 1,436 Shipping Bills filed by total 925 exporters have been
interdicted. Considering that about 20,000 Shipping Bills are filed by roughly
9,000 exporters on a daily basis, the intervention is negligible.
Even
for these risky exporters, the exports are allowed immediately. However, the
refund would be released after verification of ITC within a maximum of 30 days.
The
new verification exercise is aimed at preventing unscrupulous exporters from
defrauding the exchequer and bringing a bad name to the larger exporting
community. CBIC would like to assure all
genuine exporters that they would continue to get their IGST refunds in a
timely manner in a fully automated environment.
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