CBEC Refunded Rs. 132 Cr Out of 753 Cr of IGST Paid on July Exports

Recently, the Central Board of Indirect Taxes and Customs (CBIC) has refunded Rs. 132 crore out of Rs. 753 crore of Integrated Goods and Services Tax (IGST) paid on exports made in the month of July. This move comes as a relief to small and medium enterprises, as well as startup founders, who were eagerly waiting for the refunds to be processed. The refunds were processed in a timely manner, and the amount was credited directly to the bank accounts of the exporters, which is a significant relief for them.

The move to refund IGST paid on exports is a part of the government's initiative to promote exports and boost the economy. It is important to note that the refunds are given to exporters who have paid IGST on exports under the Export Goods and Services (IGST) Act, 2017. The refunds are processed by the GST Network (GSTN) and are credited directly to the bank accounts of the exporters.

It is worth noting that the refunds for the month of July were pending for a long time, and exporters were facing a lot of difficulties due to the delay. However, with the refunds being processed in a timely manner, exporters can now focus on their business operations without worrying about liquidity crunches.

The CBIC has also taken several other measures to promote exports and boost the economy. For instance, it has introduced the e-wallet scheme, which allows exporters to pay IGST and claim refunds later. This scheme was introduced to address the liquidity issues faced by exporters due to the long time taken for the refund process.

conclusion

In conclusion, the government's move to refund Rs. 132 crore out of Rs. 753 crore of IGST paid on exports made in July is a significant relief for small and medium enterprises, as well as startup founders. The refunds were processed in a timely manner, and the amount was credited directly to the bank accounts of the exporters, which is a great move to boost the economy. The government's initiative to promote exports and boost the economy is commendable, and it is expected that more such measures will be taken in the future.