GST Council may clarify that exporters can claim input tax credit on INR credited in Special Vostro Accounts

The GST Council is likely to clarify on October 7 that payment received in rupees by Indian exporters in Special Vostro accounts under the Reserve Bank of India’s (RBI) rupee trade settlement system are eligible for input tax credit (ITC). This follows complaints from some exporters that they are being denied ITC on such proceeds, sources aware of the development said Certain tax authorities…