New Delhi: In an attempt to help exporters recovering from a prolonged contraction, the GST Council is pretty much ready to consider new measures for a quick refund of taxes paid by them.
Steps for the swift processing of refund claims, which will be taken up at a meeting of the council in the coming days will go a long way in improving the liquidity of exporters.
Exporters are likely to be allowed refunds without waiting for the invoice details of raw materials and other purchases, but based on the summary of all transactions and details of exports made.
Talking about exports, it constitute around 20% of India’s gross domestic product (GDP and a decline in overseas shipments could aggravate a slowdown in the economy, which grew 5.7% in the June quarter, the slowest pace in three years.
“The GST Council needs to streamline the refund mechanism especially for the merchant exporters, advance license holders and export-oriented units at the earliest,” Rajagopalan said.