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Around 70% Of GST Refund Stuck Of Exporters

In return filing, the information given on behalf of the exporters does not match with the actual data, and around 70% of their GST refunds are stranded. The Central Board of Excise and Customs (CBEC) has asked them to make changes to the final returns for the respective months so that the department can process the refund claims till March. CBEC has allocated Rs 4,000 Crore for refund in four months till October, but claims worth Rs 10,000 Crore have been stuck due to irregularities in the information given to exporters by GSTN. It is being told that the GST 1 or Table 6A or GSTR 3B filing did not match the deposited shipping bill with its data and customs.

Principal Commissioner, CBEC has said, “Data analysis shows that approximately 32% of GSTR1 Table 6A records have been sent to customs by GSTN. In other words, mostly about 70% of the refund claims are due to incomplete information or owing to DU deductions made by the Exporter in GST filing.”

According to the Analysis of claim data after October 2017, the mistakes in filing returns are decreasing, but many exporters are sending incomplete GST1 or Table 6A in which there is no shipping bill number or date or port code.

According to the CBEC, “Records have not been processed by GSTN. Exports are being emailed to correct the records through the amendment process of Table 9 of GSTR 1 of the next month.

Emphasizing on Getting Revised Tax Target

In view of the budget set by the government in the budget 2018–19, the revised collection target of Rs 10.05 lakh crore has been asked by the CBDT to increase its efforts with field officers and focus on better performance zone. In the budget of 2018–19, the government increased the direct tax target, including personal income tax and corporate tax, from the initial estimate of Rs 9.80 lakh crore. CBDT has set more targets for better performance zones in the review meeting this month.

The official source said, “For the March quarter we are expecting a better advance tax collection. If this trend continues in the December quarter, we will cross the target of Rs 10 lakh crore. Those entities that are paying tax on the basis of self assessment should focus on them to increase the tax collection.”

However, with this recovery it will create a great trust among the exporters which will ultimately result into transparent GST filling procedure.

Ankit Kadam

Author & Contributor As one of the lead news writers on Share Tech News, Ankit’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ankit’s take on the impact of digital technologies across the Smartphones, Software & Android/iOS Apps domains gives his writing a fresh and modern outlook.

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