The gross GST collection during the last month was Rs 2,790 crore
Ocean freight is the cost incurred through an agreement between two foreign parties to bring goods to India via ocean.
Exporters also hope the Budget will clear the confusion around the old MEIS, which has been discontinued by the government as well as the uncertainty over the awaited RoDTEP scheme
Central Board of Indirect Taxes and Customs has obligated customs brokers under their licensing conditions to independently verifying the KYC of exporters
One measure being considered is to link foreign exchange remittances with refund of IGST for risky and new exporters, apparently to curb fraudulent IGST refund claims
Balance between ease of doing business and compliance is tricky
In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'
As per Para 4.43 of FTP, "Goods imported against Advance Authorisation Scheme, which are found defective or unfit for use, may be re-exported, as per Department of Revenue guidelines
Under the GST regime, the exemption was not clearly mentioned till October 13, 2017. During the period, exporters were not allowed to clear their goods unless they pay IGST
In FCA/CIP/CPT, the seller is only required to provide proof that he has delivered the cargo to the buyer
When the basic customs duty and IGST are already paid on the CIF value, argue the petitioners, why should there be another tax on the ocean freight element
There are some common trends observed among states with a large shortfall
A subsequent Circular, says that only a miniscule percentage of export consignments are being selected for examination on account of risk associated with fraudulent availment of IGST refunds
About 25% of the country's annual gems and jewellery exports which come back unsold would benefit from this IGST exemption
This happened largely because of slowing growth in the economy and the settlement of a higher proportion of IGST towards the Centre than the states in particular
Delhi and Puducherry have for long been battling with the Centre for full statehood
In similar case, last month Gujarat HC stayed imposition on IGST on ocean freight
The ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data
This part of the new tax has not still been fully resolved, and many states do not even know how it is being shared between them and the Centre
In advance authorisation licence is issued to allow duty-free import of inputs, which are physically incorporated in export products