Are you an exporter of goods or services?
Have you ever got your GST refund quick? No?
Don’t worry, most of us are facing the same issue.
GST refund is a slow manual process which takes a lot of time with lengthy paperwork. Way too much of your money is stuck with the Govt, isn’t it?
But, here’s news that will make us all happy.
From next month, the Government wants to simplify the GST return process by making it fully online and automated for exporters of goods and services, as well as suppliers to SEZ units.
Under GST, every exporter has 2 options
1. He can export without payment of IGST and claim a refund of accumulated ITC.
2. He may export on payment of IGST tax and claim refund.
Currently, the automatic refund is available only for those exporters who have paid IGST while exporting goods. Others have to do it manually by filing an application in Form GST RFD-01A on the common portal. He should then manually submit a print out of the form to the jurisdictional officer.
From next month, this automated refund is available for others who haven’t paid IGST too.
Looks like Govt wants to encourage exports and grow exporting industries in our country.
Here’s are the benefits of Automated GST Refund Process:
1. You will get your refund quick in just 2 weeks instead of a few months
2. Your amount will not be stuck with Govt because of technical problems or corrupt officers.
3. The refund process is faster, simple and automated.
4. Refund money will be directly transferred to your bank account.
5. You will have more cash in your hand to invest in your business.
6. This will stop people from claiming fake refunds.
What do you think about this new refund process? Comment below.
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