New Delhi, July 3 (KNN) The new verification exercise of Input Tax Credit (ITC) aims at preventing unprincipled exports from bringing bad name to the larger exporting community.

The commissioner of customs-Goa and the principal commissioner of GST-Goa said that the Central Board of Indirect Taxes and Customs (CBIC) would like to assure all genuine exporters that they would continue to get their Integrated Goods and Service Tax (IGST) refunds in a timely manner in a fully automated environment.

In a press statement issued jointly by the commissioner of customs-Goa R Manohar and principal commissioner of GST-Goa K Anpazhakan, said that there were misinterpretations wherein some local dailies highlighted a perceived setback to the automated process of refunds for exporters under GST on account of the introduction of manual checks to curb large-scale frauds in IGST refunds.

Manohar stated that the wrong interpretations made by some local dailies regrettably created a misleading impression that genuine exporters would suffer on account of the newly-introduced verification process.

CBIC has recently instructed its customs and GST formation to verify the correct availment of ITC by few exporters who are perceived as ‘risky’ on the basis of pre-defined risk parameters. Only 5,106 risky exporters have been identified so far as against about 1.42 lakh total exporters, he added.

The risky exporters are only 3.5 per cent of the total number of exporters.

Further, on June 17, 2019 and June 18, 2019 only 1,436 shipping bills filed by total 925 exporters have been interdicted. Considering that about 20,000 shipping bills are filed by roughly 9,000 exporters on a daily basis, the intervention is negligible,” said Manohar.

The Principal Commissioner of GST-Goa Anpazhakan said that the new verification exercise is aimed at preventing unscrupulous exporters and bringing a bad name to the larger exporting community. CBIC would like to assure all genuine exporters that they would continue to get their IGST refunds in a timely manner in a fully automated environment.