Exporters have informed the finance ministry that goods and services tax refunds are getting delayed due to airline and shipping companies not submitting proof of export to customs and mismatches of invoice numbers in shipping bills and GST return forms.
India’s exports dipped for the first time in 15 months in October, falling 1.1% to $23.1billion and are expected to fall further in November as exporters turn away clients and new orders while they get to grips with the new tax regime, which was rolled out on July 1. Last month’s trade deficit widened the most in three years to $14 billion.
The Federation of Indian Export Organisations (FIEO) also said that despite the customs department allowing manual filing of input tax credit refund claims more than 10 days ago, the required application form (RFD-01A) is not available on the GST portal. Read More…
Latest posts by The Economic Times (see all)
- India intensifies talks to check oil prices as US-Iran tensions rise - June 24, 2019
- HPCL relents, govt recognises ONGC as company promoter - June 23, 2019
- Oil prices jump 6% as Trump says Iran made ‘very big mistake’ - June 21, 2019