SEZ units set to get refund of cess on imports
The Centre will refund the compensation cess levied on imported goods under Goods and Services Tax (GST) to businesses operating in special economic zones and their developers, effective from 2017. The Central Board of Indirect Tax and Customs has also directed the issuance of refunds of 5% GST collected on food packages intended for the public distribution system (PDS).
New Delhi: The Centre will refund compensation cess levied on imported goods under Goods and Services Tax (GST) to businesses operating in special economic zones and their developers effective 2017.
The Central Board of Indirect Tax and Customs also directed issuance of refunds of 5% GST collected on food packages intended for the public distribution system (PDS). These refunds could total about Rs. 6,500 crore, people familiar with the matter said.
The move follows a recent GST Council decision exempting imports by SEZ Units and developers retrospectively from July 1, 2017 -- the date of introduction of GST.
