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Manual checks in IGST refunds to prevent unscrupulous exporters from defrauding exchequer: FinMin

According to FinMin, the new verification exercise is aimed at preventing unscrupulous exporters from defrauding the exchequer and bringing a bad name to the larger exporting community. 

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Manual checks in IGST refunds to prevent unscrupulous exporters from defrauding exchequer: FinMin
The CBIC has recently instructed its Customs and GST formations to verify the correct availment of input tax credit (ITC) by few exporters. Representational Image, source: Reuters

Introduction of manual checks in IGST refunds is aimed at preventing unscrupulous exporters from defrauding the exchequer and CBIC would assure all genuine exporters that they would continue to get their IGST refunds in a timely manner in a fully automated environment, said a Ministry of Finance statement, while taking note of media reports about set-back to the automated process of refunds for exporters under GST on account of the introduction of manual checks to curb large scale frauds in IGST refunds.

The FinMin clarified the same in its tweet today as, "Introduction of manual checks in IGST refunds aimed at preventing unscrupulous exporters from defrauding the exchequer; CBIC would ensure that all genuine exporters would continue to get IGST the refunds in a timely manner in a fully automated environment."

Introduction of manual checks in IGST refunds aimed at preventing unscrupulous exporters from defrauding the exchequer; CBIC would ensure that all genuine exporters would continue to get IGST the refunds in a timely manner in a fully automated environment: https://t.co/mTIH6oguqU

— Ministry of Finance (@FinMinIndia) June 20, 2019

The CBIC has recently instructed its Customs and GST formations to verify the correct availment of input tax credit (ITC) by few exporters who are perceived as “risky” on the basis of pre-defined risk parameters, said the statement, adding that only 5,106 risky exporters have been identified so far as against about 1.42 lakh total exporters. 

"Thus the risky exporters are only 3.5% of the total exporters. Further, in the last two days i.e. 17.06.2019 and 18.06.2019 only 1,436 Shipping Bills filed by total 925 exporters have been interdicted," it said. 

Further, it said that considering that about 20,000 Shipping Bills are filed by roughly 9,000 exporters on a daily basis, the intervention is negligible. Even for these risky exporters, the exports are allowed immediately. However, the refund would be released after verification of ITC within a maximum of 30 days.

According to FinMin, the new verification exercise is aimed at preventing unscrupulous exporters from defrauding the exchequer and bringing a bad name to the larger exporting community. 

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TAGS:
Goods and Services taxIGSTFinance Ministry
Written By: ZeeBiz WebTeam
Updated: Thu, Jun 20, 2019
12:58 pm
New Delhi, ZeeBiz WebDesk
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