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  • Thursday, July, 2019| Today's Market | Current Time: 06:32:54
  • Introduction of manual checks in IGST refunds aimed to prevent unscrupulous exporters from defrauding exchequer: CBIC

    Published on June 20, 2019

    The Centre has assured all genuine exporters that they would continue to get their Integrated Goods and Service Tax (IGST) refunds in a timely manner in a fully automated environment.

    The Central Board of Indirect Taxes and Customs (CBIC) said, introduction of manual checks in IGST refunds is aimed at preventing unscrupulous exporters from defrauding the exchequer.

    The CBIC’s clarification came in view of media reports which highlighted a perceived setback to the automated process of refunds for exporters under GST on account of the introduction of manual checks in IGST refunds. It termed the reports as misleading.

    An official release said, the new verification exercise is aimed at preventing unscrupulous exporters from defrauding the exchequer and bringing a bad name to the larger exporting community.

    The CBIC has recently instructed its Customs and GST formations to verify the correct availment of input tax credit by few exporters who are perceived as risky on the basis of pre-defined risk parameters. Only around five thousand risky exporters have been identified so far as against about one lakh 42 thousand total exporters. It said, the risky exporters are only 3.5 per cent of the total exporters.

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