Govt will clear refunds for exporters in 2 months

The government will clear pending goods and services tax (GST) refunds of exporters by November end.

Over the next six months no tax will be levied on exports, the GST Council has decided, Revenue Secretary Hasmukh Adhia said.

Over July-August, an estimated Rs 67,000 crore was accumulated as the Integrated GST (IGST), of which only Rs 5,000-10,000 crore will be due as refunds to exporters, he told PTI. While no tax has to be paid on goods to be exported in the remaining months of current financial year, an e-wallet service will be launched from April 1 that will give exporters notional credits that can be used to pay GST, he said.

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