Union Commerce and Industry Minister Nirmala Sitharaman on Saturday said the government has fast-tracked the refund prices of duties and taxes to the exporters under the new indirect tax regime to be rolled out from July 1, PTI reported. “On the refund, we are very very clear that 90% of the advanced paid money will be refunded [to the exporters] within 6 to 10 days,” she said.
Moreover, if there is any delay on the government’s part to refund the money, an interest of about 6% will also be given, Sitharaman said at a media briefing highlighting the achievements of the commerce ministry in the last three years. She also urged the GST Council to formulate a mechanism for small and medium exporters to pay taxes rather than asking them to pay first and then get a refund.
“An exporter’s application for refund will be responded to within three days of its submission,” Director General, Foreign Trade, Ajay Bhalla said at the event according to The Telegraph. “The seven-day period for getting refunds will begin after the application is acknowledged as complete.”
India’s total exports grew by 4.95% in 2016-2017, PTI reported. “The way in which fitment discussions have happened in the GST Council...it is only going to help in improving our exports and in making exports more competitive,” Sitharaman said.
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