This notional / virtual currency would be used by the exporters to make the payment of GST / IGST on the goods imported / procured by them so their funds are not blocked. The e-Wallet scheme is basically the creation of electronic e-Wallets, which would be credited with notional or virtual currency by the DGFT. The permanent solution agreed to by the Council was to introduce an e-Wallet scheme w.e.f.All these avenues were made available upto. Also, domestic procurement made under Advance Authorization, EPCG and EOU schemes were recognized as 'deemed exports' with flexibility for either the suppliers or the exporters being able to claim a refund of GST / IGST paid thereon. Additionally, for merchant exporters a special scheme of payment of GST 0.1% on their procured goods was introduced.
An interim solution was found by re-introducing the pre-GST tax exemptions on such imports. finished goods imported / procured for purposes of exports.
It may be recalled that in its meeting held on the Council had noted that exporters are experiencing difficulties of cash blockage on account of having to upfront pay GST / IGST on the inputs, raw materials etc.Thereafter, the Council directed GSTN to expeditiously forward the balance refund claims to the Customs/Central GST/State GST authorities, as the case may be, for their immediate sanction and disbursal. The Council appreciated that the pace of grant of IGST refund has picked up. In a related development which would benefit the exporters, the Council reviewed the progress in grant of refunds to exports of both IGST and Input Tax Credit.Thus, exporters presently availing various export promotion schemes can now continue to avail such exemptions on their imports up to, by which time an e-Wallet scheme is expected to be in place to continue the benefits in future. Tax exemptions for exporters extended for six months, 26 th GST Council meeting held on 10 th March, 2018.Ģ6 th GST Council meeting held in New Delhi on 10 th March, 2018, sending a strong positive signal to the exporting community, the Council today decided to extend the available tax exemptions on imported goods for a further 6 months beyond.
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