GST Refund on Export of Goods - Lex N Tax Associates
The GST refund on the export of goods allows exporters to reclaim the GST paid on inputs used in producing goods for export. This ensures that the tax burden does not hinder the competitiveness of Indian products in global markets. Exporters can claim the refund through the LUT (Letter of Undertaking) without payment of IGST or by paying IGST on exports and subsequently claiming a refund. The process requires compliance with specific procedures and submission of necessary documentation as per GST regulations. Efficient and timely refunds are essential for maintaining the financial stability and liquidity of exporting businesses.