Exporters advised for validation of Banks Accounts for speedy disbursal of IGST

Exporters advised for validation of Banks Accounts for speedy disbursal of IGST

October 12, 2017 Compliance Blog 0

With Government keen to refund IGST to exporters at the earliest, DGFT has clarified  that the shipping bill itself is treated as the refund application with effect from 01/07/2017 and therefore, no separate refund application is required to be filed. The application for IGST refund for exports shall be deemed to have been filed, when the conveyance carrying the export goods leaves India, i.e. Export General Manifest (EGM) is filed, and the applicant has furnished a valid Return in Form GSTR-3 under Section 54 of CGST Act, read with Rule 96 of CGST Rules.

In order to avail the IGST refund, it is mandatory that the exporters have validated their bank accounts by “Public Financial Management System (PFMS)”. If bank accounts of the exporters are closed and/or not validated by PFMS, then the IGST refund, even if sanctioned, may not get credited to the accounts of the exporters.

The Public Notice further states that “closed” bank accounts of the exporters still exist in the system and PFMS has invalidated such accounts making the prospective disbursal of IGST refund to such closed accounts impossible. Accordingly, the list of accounts, which are not validated by PFMS pertaining JNCH(Export) is uploaded on the website of the “Jawahar  Lal Nehru Customs House” (http://www.jawaharcustoms.gov.in) under the heading “Latest Updates” for wider publicity and necessary action at the end of the concerned exporters.

Exporters are advised to update their bank accounts immediately and not to make any changes in the same during the current financial year for smooth disbursal of IGST Refund.

Source: PUBLIC NOTICE NO. 123/2017 | JAWAHAR LAL NEHRU CUSTOM HOUSE

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