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GST Latest Update: India is an attractive destination for foreign tourists. Lakhs of tourists from all other countries including America and Europe come to visit India every year. Now traveling in India is going to be a wonderful experience for these tourists. The government is going to make a much-awaited change in the indirect tax regime, GST, which will result in substantial savings for foreign tourists.
long standing demand
According to a latest news from Financial Express, the long-pending proposal to give GST refund to foreign tourists on purchases made in India may get approved soon. There has been a demand for a long time that foreign tourists should be given refund of Goods and Services Tax paid on purchases made in India. Now the government is preparing to implement this very soon.
Tourists will get this benefit
Quoting sources related to the matter, it has been told in the news that work will start soon to decide the process and rules for giving GST refund to international tourists. Sources have also told that the government can implement this change from the beginning of next year. This means that from the year 2024 it will become cheaper for foreign tourists to visit India.
Already implemented in many countries
Let us tell you that this type of system is already applicable for foreign tourists in many countries including America. Talking about America, any foreign tourist there pays local taxes on shopping like other normal buyers, but they get a refund of the taxes paid at the time of return. When such foreign tourists are returning from America to their country, then they are given a refund at the airport.
process not decided yet
In India too, a proposal has been made in this regard under the Integrated GST Act. It is proposed under the Act that if a foreign tourist makes purchases in India and takes back the purchased items with him, in such a situation the indirect tax paid to him will be refunded. However, the problem with this is that till now the rules have not been laid down for these cases of GST refund, nor has their process been prepared. Sources say that now that the new tax system i.e. GST system has stabilized properly, one of the selected reforms stuck for many years is being considered to materialize refunds to foreign tourists.
will execute like this
The proposal to refund GST to foreign tourists will first go to the GST Council. Its procedure and rules will be finalized by the council. After this, the proposal will be sent to the government, where it will get its final nod. Sources say that after the government gives its final nod, the GST authorities of the Center and states may give priority to implementing the change gradually. It can be implemented experimentally before being fully implemented.
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