Gst Tax Refund
Centre may prepay market loans taken to compensate states during Covid yrs
The central government may be able to repay Rs 2.69 lakh crore loans it had taken to compensate states for GST revenue loss in FY21 and FY22 by November 2025, four months ahead of its scheduled repayment, an official has said. The full repayment of the market borrowings is expected earlier than the previously calculated timeline of March 2026. The issue is expected to be taken up for discussion in the next meeting of the GST Council in August, the official added. The compensation cess was initially brought in for five years to make up the revenue shortfall of states, following the implementation of the Goods and Services Tax (GST). The compensation cess expired in June 2022, but the amount collected through the levy is being used to repay the interest and principal of the Rs 2.69 lakh crore that the Centre had borrowed during COVID-19. At the 53rd GST Council meeting on Saturday, it was learnt that Karnataka had raised the issue of continuation of compensation cess levy, repayment
 "Centre may prepay market loans taken to compensate states during Covid yrs")
Govt may consider cash refunds to exporters to improve cash flow: GTRI
The government can consider giving refunds to exporters in cash instead of scrips for tax remission schemes, as it would immediately improve cash flow for them, economic think tank GTRI said on Tuesday. At present, the refund under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Taxes and Levies (RoSCTL) scheme is issued as a scrip, which can be used to pay basic customs duties at the time of import. The scrip can be sold to other importers, who can later use the scrip instead of cash for payment of basic customs duty. These schemes refund select central and state levies to Indian exporters. "Refund RODTEP and ROSCTL dues to exporters in cash and not in the form of scrips. This will immediately improve the cash flow of thousands of exporters facing a weak export outlook for 2024," the Global Trade Research Initiative (GTRI) said. The RoSCTL refunds taxes for apparel and made-up sectors. RoDTEP covers most of the remaining
 "Govt may consider cash refunds to exporters to improve cash flow: GTRI")
Unregistered persons can claim tax refunds for cancelled contracts: FinMin
Unregistered persons can claim Goods and Services Tax refunds for cancelled contracts or premature termination of insurance policies by obtaining temporary registration on the GST portal, the finance ministry has said. The new functionality 'Refund for Unregistered person' has been made available on the GST portal and the unregistered person, who wants to file an application for a refund shall obtain a temporary registration on the common portal, using his Permanent Account Number (PAN). In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said it had received representations requesting for providing a facility to unregistered buyers/ recipients for claiming a refund of the amount of tax borne by them in the event of cancellation of the contract/agreement for the supply of services of construction of flat/ building or on termination of a long-term insurance policy. "In order to enable such unregistered person to file application for a refund..., in cases where the .
 "Unregistered persons can claim tax refunds for cancelled contracts: FinMin")
Govt scales down estimate of exporters' GST refund claims by Rs 10 bn
Earlier estimate was Rs 65 bn in July-Oct period; revised estimate till Dec is Rs 55 bn; exporters upset over at inconsistency in figures
 "Govt scales down estimate of exporters' GST refund claims by Rs 10 bn")
