Is IGST paid on imports by EOU is refundable?
The below information is about refund of GST paid by EOUs.
Export Oriented Units (EOUs) constitute a very important sector in the country’s Export Production scenario. They have become dominant players in our export strategy, and their share in the Country’s export performance is about 10%.
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Imports by EOUs after GST implementation
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The EOUs will continue to get exemption from payment of the basic Customs Duty, however they will have to pay IGST on imports.On the IGST paid on import of inputs, ITC would be available which can be utilized for payment of GST payable on the goods cleared in the DTA. Refund of the unutilized ITC can also be claimed under Section 54(3) of CGST Act.
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