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CBIC paid Rs 1.12 lakh crore as IGST Refund to Exporters

Current context: The Central Board of Indirect Taxes and Customs (CBIC) has paid IGST refunds worth over Rs 1.12 lakh crore to exporters till date.
CBIC paid Rs 1.12 lakh crore as IGST Refund to Exporters

  • The information was given in the release by CBIC and the refund was given to over 83,500 exporters.
  • The release also said that refunds of only Rs 3,604 crore are pending with Customs and about 3.4% of total exporters including “Star exporters” have been identified as Risky i.e. Red flagged.
  • Risky exporters are those who suspected to claim excessive input tax credit (ITC) based on fake invoices.
  • Star exporters are certified by the government on the basis of export performance and extended certain benefits including customs clearance on self-certification basis and exemption from furnishing bank guarantee under certain schemes.
  • Exporters can claim IGST refunds on exports in two ways:
    1. On the basis of issuance of a bond/letter of undertaking (LUT) at the time of exports and claiming a refund of accumulated ITC.
    2. By paying IGST in cash at the time of exports and claiming refunds thereafter.
  • As per the government, since advent of GST on 1st July 2017, 77% of India’s exports have been under LUT, which are unaffected by the verification exercise being done by the CBIC officials.

Question: 

Q.1 The Goods and Service Tax (GST) came into effect in India on? 
a. 1st June 2015
b. 1st July 2016
c. 1st July 2017
d. 1st June 2018
CBIC paid Rs 1.12 lakh crore as IGST Refund to Exporters CBIC paid Rs 1.12 lakh crore as IGST Refund to Exporters Reviewed by Neha Verma on December 31, 2019 Rating: 5

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