Exporters may get e-wallet for refunds by April 2018: GST council
Last month, exporters mentioned that an estimated Rs 65,000 crore is locked up in GST refunds. Jaitley plans to implement an e-wallet platform for exporters to make things easier.
Finance Minister Arun Jaitley in its 22nd GST council meet held on Friday discussed on trade transition issues faced by many industrialists and exporters.
Jaitley stated that exporters were facing liquidity issues while transiting towards the Goods and Services Tax (GST) regime.
In a meeting with the Revenue Secretary last month, exporters had said that an estimated Rs 65,000 crore is locked up in GST refunds.
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Jaitley mentioned that setting up of electronic refund mechanism for exporters will take some time. However, he did added they are working towards implementing exporter's e-wallet by April 01, 2018.
He said, "The government will deposit a notional amount as advance refund e-wallets. And on the basis of this credit, firms can pay IGST and GST. Actual refunds will be offset against the refund in e-wallet."
For July exports, Jaitley said the government will refund cheques by Oct 10 & for Aug exports, will process refund cheques by Oct 18, 2017.
The last date for filing of final sales returns for July in GSTR-1 form is October 10, while the date for uploading of purchase returns in GSTR-2 is October 31.
The final GSTR-3, matching GSTR-1 and 2, is to be filed by November 10.