Benefits of DGFT e-BRC and GSTN Integration, What is e-BRC and how can it help your business? This article outlines DGFT e-BRC implementation, ICEGATE, GSTN integration, and the importance of e-BRC data for VAT refund. Hopefully, you will find it helpful! If you have any questions, feel free to contact us. We are happy to help! Read on to learn more.
DGFT eBRC
Exporters can file a DGFT eBRC online or offline, depending on the requirements. The eBRC allows exporters to link EDI shipping bills to the eBRC, thereby eliminating the need to submit hard copies of the invoice. DGFT can also use eBRC to verify incentive-related details for exporters. The eBRC is available online, so exporters can file for incentives online without having to mail hard copies.
eBRC is a document that is issued by banks to exporters to facilitate the electronic transmission of foreign exchange realizations. DGFT has created a centralized system to manage and maintain eBRCs. eBRCs are more secure than paper-based transactions because the DGFT is able to detect fraudulent and false eBRCs. The eBRC requires a minimal amount of human intervention and transaction cost.
ICEGATE
Using an EDI platform such as DGFT and Icegate is a simple way to integrate eBRC and DGFT. The Icegate EDI platform includes all relevant details from the commercial invoice, packing list, and shipping bill. When the exporter links their shipping bill to an eBRC, the details of their eBRC are automatically shared with DGFT and stored in the repository.
Using the eBRC system, the DGFT receives shipping bill information electronically through EDI ports. DGFT can match this information to the FOB value of the goods being exported. It then matches the FOB value to the final payment received against export. This process is done for exporters, importers, and third parties, ensuring that the eBRC is accurate and complete.
GSTN integration with e-BRC
Recently, the DGFT and GSTN have signed an MOU to share data pertaining to import and export transactions. The purpose of this is to make export processing transparent and eliminate human intervention. The integration will facilitate faster processing of export-related transactions, including Bank Realisation Certificates. Here are some benefits of GSTN integration with e-BRC. Listed below are some of the benefits of e-BRC.
The eBRC module facilitates seamless exporter communication. Exporters can view their eBRC status online. Banks generate Bank Realisation Certificates after receiving export proceeds and can generate them from the system through an XML file uploaded to the DGFT’s server on a daily basis. eBRC files are accepted twice daily. This enables exporters to quickly access the status of their eBRC.
Importance of e-BRC data for VAT refund
The electronic Bank Realisation Certificate, or e-BRC, is a document that is required for the discharge of export obligation and the claim of incentives under the Foreign Trade Policy. It is also used for the purpose of VAT refund by state government departments. It quantifies export earnings at the transaction level. Earlier, the process of issuing BRC was manual and department-centric. Exporters had to rush to their bank branches to avail benefits. But now, thanks to e-BRC project, banks are uploading their foreign exchange realisation information to the DGFT server under a secured protocol.
The e-BRC data is very important for the exporter as it helps in availing of various export incentives under the Foreign Trade Policy. The DGFT has signed MoUs with 14 state governments and two central government agencies to use e-BRC for VAT refund. The DGFT has also implemented an online tool, e-BRC, for exporters to check their e-BRC status online.
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