No let-up in sanction of GST Refunds

Industry news

No let-up in sanction of GST Refunds

The Finance Ministry has reassured exporters that there is no let-up in the sanction of GST refunds. The disposal rate is consistently improving month-on-month. As on 31^st October, 2018, total GST refunds to the tune of Rs 82,775 crore have been disposed by Central Board of Indirect Taxes and Customs (CBIC) and the state authorities out of the total refund claims of Rs 88,175 crore received so far. Thus, the disposal rate of 93.8 % has been achieved as on 31.10.2018. The pending GST refund claims amounting to Rs 5,400 crore are being expeditiously processed so as to provide relief to eligible exporters. Refund claims without any deficiency are being cleared expeditiously. In case of IGST refunds, about 93.27 % (Rs 42,935 crore) of the total IGST refund claims (Rs. 46,032 crore) transmitted to Customs from GSTN as on 31^st October, 2018 have already been disposed. The remaining claims amounting to Rs.3,096 crore are held up on account of various deficiencies which have been communicated to exporters for remedial action. In the case of RFD-01A (ITC Refund) claims, out of the total refund claims of Rs 42,145 crore, the pendency as on 31^st October, 2018 is Rs 159 crore with the Centre and Rs 2,146 crore with the states. Provisional/Final Order has been issued in case of refunds amounting to Rs 34,602 crore. In claims amounting to Rs 5,239 crore, deficiency memos have been issued by respective GST authorities.