As a consequence of the rescission of SRO 1125(I)/2011, which allowed zero-rating of inputs of five export-oriented sectors, FBR had committed with the exporters of said sectors - textiles, leather, carpets, sports goods and surgical goods - that
refunds shall be paid to them within 72 hours of filing of the
refund claim.
It is worth mentioning here the FBR last week had claimed that it will now pay sales tax
refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters of five sectors within 72 hours of submission of
refund claims.
Chief Policy said that the system has the capacity to process about Rs15-20 billion
refund claims, adding that it would also help in overcoming the fake invoices and flying invoices.
Each
refund claim will be processed by the RMS and the data will be scrutinised and verified by the system and the payable
refund amount will be determined on the basis of input consumed in exports or supplies.
The tax
refund company received a complaint from a traveller that the amount hadn't been
refunded onto his credit card.
"I did still get a small
refund, but compared to what I was expecting from previous years, it was shock."
PIAF chairman informed that sales tax
refunds of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax
refund through promissory notes by the government would boost the business of the textile and allied industries.
He said that sales tax
refunds of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax
refund through promissory notes by the government would boost the business of the textile and allied industries.
You pay the VAT when you import or you buy a product, and then when you export, you get a
refund,' he added.
Aside from reforms in the VAT
refund system, the law also implemented cuts in the personal income tax rates of individual taxpayers.
In case of IGST
refunds, about 95 percent (Rs 48,455 crores) of the total IGST
refund claims (Rs 50,928 crore) transmitted to Customs from GSTN as on 28.11.2018 have already been disposed.
New Delhi [India], Dec 3 ( ANI ): The Centre on Monday said Goods and Services Tax (GST)
refunds to the tune of Rs 91,149 crores have been disposed by the Central Board of Indirect Taxes and Customs (CBIC) and state authorities out of the total
refund claims of Rs 97,202 crore received so far, thus implying a disposal rate of 93.77 per cent.