Exporters may get e-wallet for refunds by April 2018: GST council

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.

TRENDING NOW

Paytm hits 20% lower circuit as firm decides to cut down on small-ticket loans; brokerages slash target prices

Indian Army, MeitY forge transformative alliance for technological advancements

FIRST TRADE: Indices take a breather after record rally; Sensex slips over 200 pts; Nifty below 20,900

DP World ILT20: David Warner to star as 2nd season of International League T20 kicks off from January 2024 in UAE - Check Details

Anil Singhvi strategy December 7: Important levels to track in Nifty50, Nifty Bank today

COVID-19 Update: India logs 119 new coronavirus cases, infection tally stands at 4.50 crore

Gold and Silver price today (December 7, 2023): check 24k gold price in mumbai delhi chennai kolkata and other cities rbi mpc meet

Delta Corp, PVR INOX, Paytm, BEL: Stocks to watch on Thursday

Apple informs component suppliers to source iPhone 16 batteries from India: Report

PM Modi to inaugurate Uttarakhand Global Investors Summit on Friday

AMD forecasts $45 billion AI chip market this year, $2 billion in sales in 2024

Animal vs Sam Bahadur Box Office Collection: Animal set to enter Rs 500 crore club, beat Sam Baadur on Day 5 | Check day-wise collection, OTT release date and more

Alphabet unveils long-awaited Gemini AI model

Tata Technologies, IREDA, Senco Gold among 10 best performing IPOs in 2023

Wall Street ends lower as investors weigh fresh employment data

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.