EXPORTERS DRAW DRI WRATH FOR ALLEGED GST VIOLATIONS

The country’s primary anti-smuggling intelligence agency has begun resending notices to exporters for availing GST exemptions where exports preceded imports. The Directorate of Revenue Intelligence (DRI) move followed a Supreme Court stay on a Gujarat High Court order favouring the exporters. The high court had quashed a revenue department notification allowing DRI to penalise exporters for allegedly not following “pre-import condition” and availing wrongful Goods and Services Tax (GST) exemptions. Many exporters will now have to cough up Integrated Goods and Services Tax (IGST) and penalties as these notices mean that the tax department will not wait for another apex court directive. These companies had first exported goods and then imported raw materials but still claimed export benefits in the form of tax leeway.

https://economictimes.indiatimes.com/news/economy/policy/exporters-draw-dri-wrath-for-alleged-gst-violations/articleshow/71573059.cms?utm_source=ETTopNews&utm_medium=HP&utm_campaign=TN&utm_content=23

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RBI Circular No. 10 dt. 11th July 2022

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DGFT Notification No. 16 / 2015-2020 dt. 1st July 2020 regarding Amendments to Foreign Trade Policy

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