New Delhi:
The Central Council of Indirect Taxes and Customs (CBIC) has granted tax refunds and GST refunds of Rs 1.75 lakh crore to exporters in the latest fiscal year ending March 2022, a senior official said on Wednesday.
CBIC chairman Vivek Johri said the department is working on a plan to facilitate the export of gemstones and jewelry through e-commerce.
Speaking at Civil Services Day, he said the department has taken several steps to speed up refunds and free up exporters’ working capital during the Covid period.
“During 2021-22, we paid out a loss of nearly Rs 24,000 crore and GST repayments of Rs 1.51 lakh crore, which is a 33 percent growth over the previous year,” he said, adding that the department is “very sharp” is aimed at solid revenue growth.
Referring to digitization plans, Mr Johri said: “We are redesigning business processes applicable to the customs process applicable to SEZ units. We are also working on gem and gem export schemes. jewelry through e-commerce. It’s already happening domestically, and we can convert it so that exporters can benefit.”