ITC claim processing for exporters likely to be online from June
New Delhi, May 15 (KNN) The Central Board of Indirect Taxes & Customs (CBIC) is reportedly planning to process the Input Tax Credit (ITC) claims for exporters online from June 2019. This would bring down the ITC settlement time from few months to fortnight.
The move would also clear the clogged working capital fast for exporters.
According to a media report quoting an official, the new automated process was supposed to coe in place from April but it got delayed.
The automatic refund facility is currently available only to those exporters who have paid the integrated goods and services tax (IGST) while exporting goods.
At present, exporters claiming ITC refund have to file an application in Form GST RFD-01A on the common portal and then physically submit its printout along with other documents to the jurisdictional officer.