Stating that the new verification exercise of input tax credit (ITC) is aimed at preventing unscrupulous exporters from defrauding the exchequer and bringing a bad name to the larger exporting community, the commissioner of customs-Goa and the principal commissioner of GST-Goa said that the central board of indirect taxes and customs (CBIC) would like to assure all genuine exporters that they would continue to get their integrated GST (IGST) refunds in a timely manner in a fully automated environment.

In a press statement issued on Tuesday jointly by the commissioner of customs-Goa R Manohar and principal commissioner of GST-Goa K Anpazhakan, they said that there were misinterpretations wherein some local dailies highlighted a perceived setback 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.

“The wrong interpretations made by some local dailies regrettably created a misleading impression that genuine exporters would suffer on account of the newly-introduced verification process,” stated Manohar.

He said that “the CBIC has recently instructed its customs and GST formation to verify the correct availment of 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 per cent of the total exporters. Further, on June 17, 2019 and June 18, 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,” said Manohar and further maintained that 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,” disclosed the principal commissioner of GST-Goa Anpazhakan.

Published On : 03-07-2019

Source : Navhind Times