Duty Drawback, GST Refunds of Rs 1.75 Lakh Crore issued to Exporters in FY22: CBIC

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The CBIC has issued duty drawbacks and GST refunds of Rs 1.75 lakh crore to exporters in the last fiscal ended March 2022, a senior official said on Wednesday.

Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said the department is working on a scheme to facilitate gems and jewelry exports through e-commerce. 

Speaking at the Civil Services Day, he said that the department took several steps to fast-track refunds and free up the working capital of exporters during the Covid period.

“During 2021-22, we disbursed drawback of almost Rs 24,000 crore and GST refunds of Rs 1.51 lakh crore, which is a growth of 33 per cent over the previous year,” he said, adding the department is “very keenly” focused on robust growth in revenue.

Referring to plans in digitization, Johri said, “We are working on business process re-engineering applicable for customs process applicable to SEZ units. We are also working on schemes for gems and jewelry exports through e-commerce. It is already happening domestically, and we can convert it for exporters to benefit from it”.

Source from: https://www.outlookindia.com/business/duty-drawback-gst-refunds-of-rs-1-75-lakh-crore-issued-to-exporters-in-fy22-cbic-news-192413

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