Export Invoice and settlement after FEMA prescribed period

IGST and interest are payable initially if export proceeds are not realized within the FEMA-prescribed time, but IGST can be refunded later when payment is eventually received.
❌ Interest is NOT refundable.

Yes. Where export proceeds are not received within the time permitted under FEMA (including any extension granted by the RBI/authorised dealer), the exporter must pay the IGST refund amount, with applicable interest, within 15 days after that period expires. The relevant condition is in Rule 96B of the CGST Rules; it applies where the export was made with payment of IGST and a refund of that IGST was claimed.

If the proceeds are received later, the exporter may claim re-credit of the tax amount paid, subject to Rule 96B and the prescribed evidence. Check the applicable FEMA realisation period and any extension for the particular export; these can depend on the transaction and current RBI directions.

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