With over 10,000 applications for refunds filed by exporters till November, the GST Network on Sunday asked exporters to ensure that the claims do not exceed the GST paid in that month.
The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST and have claimed refunds based on shipping bill by filling up Table 6A.
Earlier this month, it allowed businesses making zero-rated supplies or those who have paid IGST on exports or those want to claim input credit to fill Form RFD-01A.
It asked them to approach chief commissioner of central tax and the commissioner of state tax for the claim.
"As on November 3,05,677 applications have already been filed by exporters using RFD-01 and 4,386 applications have been filed by them using Table-6 A of GSTR-1," said a statement by the GST Network.
The Finance Ministry had last week said that exporters had claimed refunds of Rs 6,500 crore in the first four months of the GST rollout, and had advised them to file claims in proper form with matching shipping bills to facilitate early settlements.
The goods and services tax (GST) was rolled out from July 1.
GSTN, the company handling the technology backbone of the new indirect tax regime, said that in order to claim refunds for any month, the exporter would have to file initial sales return or GSTR-3B for that month.
"The amount of refund claimed in Table-6A should not be more than the amount paid in GSR-3B of that month," it said, adding that details of shipping bills, as filed with Customs, should be provided in Table-6A.
This would help avoid delay or rejection of Integrated GST (IGST) refund demand, GSTN added.
"It is important for the exporters to fill the refund details accurately since the computer system is designed to automatically grant refunds without the involvement of any officer by matching information that is furnished on the GST portal and Customs system," it said.
The entire contents of this article are solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation by the Author. Compliance Calendar LLP and the Author of this Article do not constitute any sort of professional advice or a formal recommendation. The author has undertaken utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify and confirm the updates from the genuine sources before acting on any of the information’s provided hereinabove. Compliance Calendar LLP shall not be responsible for any loss or damage in any circumstances whatsoever.