The Central Board of Indirect Taxes and Customs (CBIC) has recently said that Rs 91,149 crore has been issued so far to exporters as GST refunds, which are 93.77 per cent of total claims with the tax authorities.
In a statement, the Finance Ministry said Rs 6,053 crore worth GST refund is still pending with the Government and that is being "expeditiously processed".
"Total GST refunds to the tune of Rs 91,149 crore have been disposed by CBIC and state authorities out of the total refund claims of Rs 97,202 crore received so far. Thus, the disposal rate of 93.77 per cent has been achieved," the Ministry said. Giving break-up for the refund figures, the Ministry said that Rs 48,455 crore of IGST refunds have been disposed of as on November 28, which is 95 per cent of the total such claims. As much as Rs 2,473 crore worth of IGST refund claims are held up on account of "various deficiencies" which have been communicated to exporters for remedial action. With regard to refund of input tax credit claims, the Ministry said of the total claims of Rs 46,274 crore, the pendency as on December 3 stood at Rs 3,580 crore. "Provisional/final order has been issued in case of (ITC) refunds amounting to Rs 37,406 crore. In claims amounting to Rs 5,288 crore, deficiency memos have been issued by respective GST authorities," the statement said.
The Ministry said pending GST refund claims amounting to Rs 6,053 crore are being expeditiously processed so as to provide relief to eligible claimants. "Refund claims without any deficiency are being cleared expeditiously," it added.
Efforts are being made continuously to clear all the pending refund claims, where ever requisite information is provided and found eligible, it said.
"Co-operation of the exporter community is solicited to ensure that they respond to the deficiency memos and errors communicated by Centre and State GST as well as Customs Authorities and also exercise due diligence while filing GSTR 1 and GSTR 3B returns as well as Shipping Bills," the statement added.
Source :- Dailyshippingtimes.com