To accelerate pending refunds of those who are facing problems of blocked working capital under the goods and services tax (GST), India’s Central Board of Excise and Customs (CBEC) has now allowed exporters and traders to manually file applications and forms related to refund claims on account of inverted duty structure, deemed exports and excess balance.
The decision, recommended by the GST Council, is a notable deviation as all filings under GST were to be done electronically online. The reason for the relaxation is the non-availability of the refund module on the common portal, said a recent CBEC circular.
Even after five months of GST rollout, exporters and manufacturers continue to face delays in receiving refunds. The refund claims will have to be filed on a monthly basis by taxpayers.
However, those assessees who have joined the composition scheme and will file returns on a quarterly basis, can seek refunds on a quarterly basis, the CBEC said. Refunds would be sanctioned by the central or state GST authority and would be cleared within seven working days.
Meanwhile, the CBEC has also extended the deadline for filing returns for input tax credit (ITC 01), non-resident taxable persons (GSTR 5) and person supplying OIDAR services from abroad to non-taxable online recipients in India (GSTR 5A) to January 31. (DS)
Source Fibre2Fashion News Desk – India