Central Board of Indirect Taxes and Customs (CBIC) has announced that it has paid Rs 1,12,000 crore as Integrated Goods and Services Tax (IGST) refunds to exporters. According to CBIC, over 83,000 exporters have been benefited by these refunds. The numbers indicated the government’s efforts to fast track refunds under GST especially to exporters. Also, as of now, refunds of only 3,604 crores are pending with Customs.
CBIC is using data analytics to identify risky exporter entities that “take input tax credit fraudulently and monetize it by paying IGST and taking refund”. Such exporters are being subject to KYC and verification process before the grant of refund.
Important takeaways for all competitive exams:
- Chairman of CBIC: Pranab Kumar Das.
Source: The News On AIR