Exporters ITC refunds to be processed online from next month
The automatic refund facility is currently available only to those exporters who have paid the IGST while exporting goods
Once the whole refund process would be automated, the transaction time and cost would come down and there would also be accountability
NEW DELHI :
In a major relief to exporters, the Central Board of Indirect Taxes and Customs (CBIC) has decided to process the input tax credit (ITC) claims online, which will reduce the ITC settlement time from a few months now to a fortnight and also clear the clogged working capital fast.