- Circular No. 233/27/2024-GST clarifies rules on IGST refunds for exporters who previously availed tax exemptions on imported inputs
- Rule 96(10) restricts refunds on IGST for exporters who imported inputs without paying integrated taxes
- Amendment to Rule 96 allows exporters to claim IGST refunds if they paid IGST and compensation cess after importing goods
- Exporters can settle taxes with interest and claim IGST refunds on exports by reassessing their Bill of Entry
- CBIC advises issuing trade notices to inform exporters about the changes and welcomes feedback on implementation issues
- The circular simplifies the refund process for exporters and ensures uniformity across tax authorities
- Overall, the circular provides clear guidance for exporters on claiming IGST refunds and helps businesses manage taxes smoothly.
Source: rmpsco.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
