It will improve liquidity says FIEO (Federation of Indian Export Organisations). Before you rightly quip - how would it improve cash flow, and thus I shy away, I would like to admit that - I don’t know, especially when department says that papers submitted by exporters with Customs Authorities and GSTN are different, they just don’t match.
Are you an exporter? Then you must be knowing that you have to submit your export documents/information to Customs Authorities and GST Authorities.
You must also be knowing that Customs and GST authorities cross-match your submitted records amongst themselves before they issue refunds.
You must be positively knowing the above two, but do you know that in its last GST council meeting CBEC and GST department submitted its data analysis report? The meeting was held on March 10, 2018.
Everyone was surprised by the discrepancies found between CBEC and GSTN data.
(CBEC = Central Board of Excise and Customs)
(GSTN = Goods and Services Tax Network)
Doesn’t this situation alarm you too? Do you think that department would ever release refunds to exporters with discrepant documents? I don’t think so.
Instead, I advise that you should match your documents before submitting them to Customs Authorities or GSTN.
If your documents are correct and matching then only any refund scheme, whether it is special drive refund sanction fortnight or e-wallet, would be helpful to you, and improve your liquidity.
Although it may be too naive to comment on e-wallet system, I would tell you to catch the CBEC people on their special drive refund sanction fortnight from March 15 - 29 and get your accounts set right.