More than 1300 exporters missing after incorrect taking of GST credits. 1300 exporters who have wrongly claimed Goods and Services Tax (GST) refunds. Worth some 1,875 crores were found to be untraceable at their main location, a government official said.
The government has also listed 7,516 companies as dangerous exporters walking through the red flags issued by different regulatory agencies, stated by authorities.
Based on the common risk measures based on customs, GST, revenue tax and DGFT results, exportors are classified as ‘risky.’ In the standard operating procedure(SOP) defined by GST policy, the listed risky exporters are coordinated with the CGST courses for physical and financial verification.
Reports said as of date 7,516 exporters were placed on the ‘risky’ exporter list. Otherwise, there are reportedly 2,830 exporters who are awaiting the Rs 1,363 crore IGST refunds and drawbacks. Additionally, adverse reports on 2,197 risky exporters have been received.
Three other top exporters have already received unfavorable records from the Central Board of Indirect Taxes and Customs (CBIC).
GST In compliance
The official, who spoke under conditions of anonymity, confirmed that those 10 star exporting companies together received the integrated GST (IGST) refund of tariff 28.9 crore.
Exporters earn repayment of taxes on the goods and services used, since they can not share in the foreign export market.
The government had previously noticed that in certain cases a refund of Rs 3.9 crore was earned by an exporter of over Rs 50, while the overall GST payout of the client in cash was pure Rs 1 650 crore. The policy had noticed that Rs 1 650, respectively.
In a different case, the Rs51,201 tax payment was paid by the exporter, while the Rs9,59 crore was received.
Earlier this year, the Finance Ministry had required DGFT to obtain continuously (or annually). From other regulators a report on enforcement. And verification or to allow exporters. To provide regulatory compliance documents and certificates, including “No NPAs” banks.
CBIC requested the GST risk management department to do an overview of the supply chain. To determine their key vendors and to discuss this with jurisdictional local authorities.
