According to a recent press statement by logistics tech solution provider Kale Logistics, V.O. Chidamabaranar (Tuticorin) Port and Tuticorin Customs have managed to significantly cut the turnaround times for IGST Tax refunds to exporters, post the implementation of its Container Digital Exchange (CODEX) platform. The company claims that CODEX is the first and only platform which has helped the IGST Refund process for the Indian exporter from a high of 90+ days to an optimum of 7 days.
“Refund of IGST on exports has been one of the widely debated topics right from the time GST has been implemented in India. Undoubtedly, the government has taken steps to speed up the process and also ease some of the issues affecting the blockage of such refunds, but still there is a long way to go for the entire process to be streamlined,” the company said. To effectively deal with this challenge, Chidamabaranar (Tuticorin) Port Trust, Tuticorin Customs and National Association of Container Freight Stations (NACFS) – Tuticorin Chapter had joined hands with Kale Logistics Solutions to develop India’s first Container Digital Exchange Platform (CODEX), to automate and digitally streamline the container movement at the Port. With the implementation of the CODEX platform, the port and its stakeholders experienced immense benefits. The key one being speedy IGST refunds in 7 days as against 90 days.