Millennium Post

Exporters, importers must quote GSTIN from July 1

Exporters, importers must quote GSTIN from July 1
Exporters and importers will have to declare the Goods and Services Tax Identification Number (GSTIN) from July 1, the scheduled date for the implementation of the new indirect tax regime, to carry out overseas trade.
The 15-digit GSTIN is issued by the Goods and Services Tax Network (GSTN), the IT backbone of the proposed tax regime.

"Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of July 1, 2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports," the revenue department said.

The declared GSTIN would be validated for correct IEC (Import Export Code Number)/PAN linkage.

The process to enrol taxpayers on the GSTN portal, which was suspended on April 30, will start again on June 1 for 15 days.

"All concerned may make use of the special drive by GSTN from June 1 to June 15, 2017 for updation of IEC in GSTIN," the department's advisory said.

Meanwhile, exporters have raised concerns over the tax refund process under the GST.

They are demanding that the current system of ab initio exemption should be continued in the GST also.

Under the GST, exporters will have to first pay the required duty and seek a refund.

As per estimates, exporters' working capital of up to Rs 1.85 lakh crore annually could get struck because of the refund process.

GSTN IT system fully secure against cyber attacks: CEO

GST Network has used 'best in class' security solutions to ensure that the IT backbone for the new indirect tax regime is protected from cyber attacks, its CEO Prakash Kumar said on Wednesday.
The comment assumes significance as the country is gearing up for an overhaul of its indirect tax regime and thousands of businesses will upload their purchase-sale invoices on the GST Network on a daily basis. GSTN is a company that provides technology backbone for the Goods and Services Tax (GST) which is expected to be rolled out from July 1. "We are ready for July 1 and we have put the best-in- class security solution and the best methodology while developing software codes," Kumar said.


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