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of <h1>Finance Ministry Limits IGST Refunds for Specific Exports u/s 16(4), Effective October 1, 2023.</h1> The circular issued by the Ministry of Finance, Department of Revenue, addresses the implementation of Section 16(4) of the IGST Act, 2017, effective from October 1, 2023. It restricts the export of certain goods on payment of IGST, allowing refunds only for goods not specified in the notification table. The Central Board of Indirect Taxes & Customs (CBIC) has developed a system to enforce these restrictions at the shipping bill level. Officers are advised to prevent the export of specified goods on IGST payment, and trade notices are requested to inform stakeholders. The notification lists goods like tobacco and certain essential oils.
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