GST Refunds Worth ₹ 1.75 Lakh Crore Issued To Exporters In 2021-22

 








Central Board of Indirect Taxes and Customs (CBIC) issued duty drawback and GST refunds of ₹ 1.75 lakh crore to exporters in the last fiscal ended March 2022, a senior official said on Wednesday.

CBIC Chairman Vivek Johri said the department is working on a scheme to facilitate gems and jewellery exports through e-commerce.

Speaking at the Civil Services Day, he said that the department took several steps to fast-track refunds and free up the working capital of exporters during the Covid period.

"During 2021-22, we disbursed drawback of almost ₹ 24,000 crore and GST refunds of ₹ 1.51 lakh crore, which is a growth of 33 per cent over the previous year," he said, adding the department is "very keenly" focused on robust growth in revenue.

CommentsReferring to plans in digitisation, Mr Johri said, "We are working on business process re-engineering applicable for customs process applicable to SEZ units. We are also working on schemes for gems and jewellery exports through e-commerce. It is already happening domestically, and we can convert it for exporters to benefit from it".



Source:https://www.ndtv.com/business/gst-refunds-worth-rs-1-75-lakh-crore-issued-to-exporters-in-2021-22-2904554


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