SME Times News Bureau | 10 Mar, 2018
meeting of the GST Council held Saturday decided to extend the
available tax exemptions on imported goods for a further 6 months
beyond March 31.
per the decision, exporters presently availing various export
promotion schemes can now continue to avail such exemptions on their
imports up to October 1, , by which time an e-Wallet scheme is
expected to be in place to continue the benefits in future.
a related development which would benefit the exporters, the Council
reviewed the progress in grant of refunds to exports of both IGST and
Input Tax Credit.
Council appreciated that the pace of grant of IGST refund has picked
the Council directed GSTN to expeditiously forward the balance refund
claims to the Customs/Central GST/State GST authorities, as the case
may be, for their immediate sanction and disbursal.
its meeting held on October last year the Council had noted that exporters
are experiencing difficulties of cash blockage on account of having
to upfront pay GST / IGST on the inputs, raw materials etc. /
finished goods imported / procured for purposes of exports.