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Exporters will continue to get refund of duties after VAT
Kolkata, Mar 06: Duty paid by exporters for exports made out of the country would be refunded even after introduction of Value Added Tax (VAT) from April one, commissioner of commercial taxes, West Bengal, C M Bachawat today said.
Kolkata, Mar 06: Duty paid by exporters for exports made out of the country would be refunded even after introduction of Value Added Tax (VAT) from April one, commissioner of commercial taxes, West Bengal, C M Bachawat today said.
Bachawat, who was participating in discussions on the
implications of VAT organised by Indian Chamber of Commerce,
said the refund would be made within three months of claim
lodged by such exporters.
He said the exporters would also earn interest if there was any delay in refund beyond three months.
Bachawat further clarified that tax paid in excess of four per cent would be available for refund for stock transfer of the output.
He, however, said inputs provided from other states through stock transfer or inter-state transfer will not qualify for refund.
The commissioner said following introduction of VAT from April registration will become compulsory for dealers having turnover of above a threshold limit to be decided by each state.
For West Bengal, the threshold limit has been fixed at Rs five lakh.
He said a taxpayer's identification number would be accorded to all the dealers which will consist of 11 digit numericals throughout the country and the department would start issuing the identification number from next week.
Bureau Report
He said the exporters would also earn interest if there was any delay in refund beyond three months.
Bachawat further clarified that tax paid in excess of four per cent would be available for refund for stock transfer of the output.
He, however, said inputs provided from other states through stock transfer or inter-state transfer will not qualify for refund.
The commissioner said following introduction of VAT from April registration will become compulsory for dealers having turnover of above a threshold limit to be decided by each state.
For West Bengal, the threshold limit has been fixed at Rs five lakh.
He said a taxpayer's identification number would be accorded to all the dealers which will consist of 11 digit numericals throughout the country and the department would start issuing the identification number from next week.
Bureau Report