Duty Drawback, GST Refunds Rs 1.75 Lakh Crore Issued To Exporters In FY22 says CBIC Chairman

Duty Drawback, GST Refunds Rs 1.75 Lakh Crore Issued To Exporters In FY22 says CBIC Chairman The Central Board of Indirect Taxes and Customs (CBIC) gave duty deductions and GST refunds totaling Rs 1.75 lakh crore to exporters in the financial year that ended in March 2022 stated by senior official on Wednesday. Chairman of the CBIC, Vivek Johri, said the Department is working on a strategy to make e-commerce easier for gems and jewelry exports. During the Covid time, he said the department made many initiatives to expedite refunds and free up working cash for exporters, speaking at the Civil Services Day. "In 2021-22, we disbursed approximately Rs 24,000 crore in drawbacks and Rs 1.51 lakh crore in GST refunds, which is a 33 percent increase over the previous year," he added, adding that the department is "very intensely" focused on income development. Johri stated, "In terms of digitalization goals," "We're focused on re-engineering business processes that apply to SEZ units' customs processes. We're also developing e-commerce strategies for gem and jewelry exports. It is already taking place on a national level, and we can use it to benefit exporters ".