Gold, Silver Latest Rates — Is it the right time to buy? Motilal Oswal explains

Nothing Phone (4a) Series coming to India: From date to livestream, all you need to know

JP Morgan, Morgan Stanley cut targets for Coal India, Dabur, NMDC – panic or hold?

Qualcomm to invest $150 million in Indian AI Startups, says CEO Cristiano Amon

Microsoft to invest $50 billion to bridge global AI divide, says Brad Smith

Get, Set & Go @ Zee Business BSE Bull Run! D-Street all set for fitness & financial awareness at mega marathon

Indian basmati rice gets major US boost as 5,000-tonne export deal is confirmed, farmers set to gain

India sets Guinness World Record with 2.5 lakh AI responsibility pledges

Stocks to Buy: Avinash Gorakshkar’s Top Long-Term, Positional and Short-Term Picks

1:2 Bonus Issue, 1:2 Stock Split: 1000 shares will turn into 3000—Do you own?

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."
<blockquote data-lang="en">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: <a href="https://t.co/mTIH6oguqU">https://t.co/mTIH6oguqU</a>
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1141582997851762688?ref_src=twsrc%5Etfw">June 20, 2019</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>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.

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, 2019The 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. 

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. 

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

news-manual-checks-in-igst-refunds-to-prevent-unscrupulous-exporters-from-defrauding-exchequer-finmin-102874

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. 