Update – Extension of upfront exemption from IGST for Export Oriented Units till March 31, 2021
Blog: NASSCOM Official Blog
Central Board of Indirect Taxes and Customs (CBIC) has recently issued Notification no. 16/2020- Customs dated March 24, 2020 extending the benefit of upfront exemption from Integrated GST and cess for Export Oriented Units (EOUs) for a period of 1 year, i.e, till March 31, 2021.
As you are aware, NASSCOM has been pursuing this demand with the GST Council to consider extension of this benefit to provide an impetus to the export oriented units. This move will provide a huge relief to the industry as these companies have huge investments by way of capital expenditure.
Copy of the notification is attached for your reference.
Do contact us for any clarification or further discussion.