Karnataka Government and the Director General of Foreign Trade (DGFT) have signed a Memorandum of Understanding (MoU) to get access to the electronic-Bank Realisation Certificate (e-BRC) System.
Karnataka Finance Secretary I.S.N. Prasad and Director General of Foreign Trade Dr Anup K Poorjari signed the MoU.
The electronic Bank Realisation Certificate System facilitates the banks to electronically submit the details regarding foreign exchange realised along with other information pertaining to exports.
Thereafter, the exporters verify such data on the Portal of the Director General of Foreign Trade and furnish a declaration regarding the correctness of the uploaded data.
The information available on the DGFT Portal is helpful for the State government to facilitate early settlement of tax refund claims, filed by the exporters and also to extend tax exemption to goods, exported by them, said I.S.N. Prasad.
The access to e-BRC System is expected to help the Department of Commercial Taxes to extend consistent services relating to refund and exemption to the exporters quickly, he added.
Karnataka Commissioner for Commercial Taxes, Ajay Seth, said access to the e-BRC System will facilitate the department to know whether the export has really taken place and speedily process the tax refund claims by the exporters.
Source:- thehindubusinessline.com
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