New Delhi: Exporters are likely to get automated GST refunds by the next month. The Exporters of goods and services and suppliers to Special Economic Zone Units (SEZ) may get their GST refunds from June 2019.
The revenue department is planning to start a new process of automatic refunds and faster claim settlement. According to the GST, every person registered under GST has to claim his refund. Automated refund service is only available to the exporters who have paid IGST (Integrated Goods and Services Tax) while exporting.
However other exporters and suppliers have to apply on a common portal to claim a refund of ITC (Input Tax Credit). Then manually submit a hard copy of application Form GST RFD-01A along with other documents to the authorised officer. By this process, the refund takes months to credit in the applicant’s account.
Implementing this new process will help the exporters and suppliers to get the refund fortnight which now takes months to credit. This tax refund process will base on an integrated GSTN system connects with RBI servers to track the receipt of payments and link them automatically with ILI (Invoice level information).
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