Goods and services tax: CBIC clears refunds of exporters worth over Rs 7,000 crore

“More than Rs 7,000 crore of IGST/ ITC refunds sanctioned till now during the ongoing Special Refund Fortnight,” the CBIC said in a tweet late Friday night.

By: ENS Economic Bureau | New Delhi | Published: June 10, 2018 5:01:52 am
Central Board of Indirect Taxes and Customs, CBIC, GST, indian exporters, gst portal, gst norms About Rs 14,000 crore of refunds of exporters were stuck due to various mismatches and CBIC has organised the special fortnight to fast track clearances.

The Central Board of Indirect Taxes and Customs (CBIC) has cleared refunds of exporters worth over Rs 7,000 crore, which is half of the pending amount of Goods and Services Tax (GST) refunds in the first nine days of the ongoing special refund fortnight. “More than Rs 7,000 crore of IGST/ ITC refunds sanctioned till now during the ongoing Special Refund Fortnight,” the CBIC said in a tweet late Friday night.

It asked exporters and traders to visit their jurisdictional GST office or Customs House/Port and settle pending claims during the Special Refund Fortnight from May 31 to June 14, 2018. Separately, the Delhi customs zone said they have cleared about Rs 290 crore in the first eight days of the special fortnight.

About Rs 14,000 crore of refunds of exporters were stuck due to various mismatches and CBIC has organised the special fortnight to fast track clearances. The CBIC has also allowed clearance of GST refunds based on PAN of exporters if such refunds are held up due to mismatch in GSTIN mentioned in shipping bill and return forms.

Under GST, exporters are required to pay IGST on exports and then claim refunds. The second type of refunds to exporters under GST involve refund of GST paid on purchase of inputs. For refund of IGST paid on exports, the exporters are required to file GSTR 3 B and table 6A of GSTR 1 on the GSTN portal and shipping bills on the customs EDI (electronic data interchange) system. For refund of the unutilised input tax credit on inputs used in making exports, the exporters are required to file Form GST RFD- 01A on the GST portal.

Earlier, incomplete details in refund claims and mismatch errors by exporters had created a hurdle in processing the refund amount for exporters. In the first refund fortnight, the government had mainly focused on clearing IGST refunds, but the 2nd ‘special drive refund fortnight’ from May 31-June 14 was started to facilitate all types of refund claims.

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