Govt clears Rs91,149 crore GST refunds to exporters
The finance ministry said Rs6,053 crore worth GST refund is still pending with the government and that is being ‘expeditiously processed’
New Delhi: The finance ministry on Monday said Rs91,149 crore has been issued so far to exporters as GST refunds, which are 93.77% of total claims with the tax authorities.
In a statement, the ministry said Rs6,053 crore worth GST refund is still pending with the government and that is being “expeditiously processed”.
“Total GST refunds to the tune of Rs91,149 crore have been disposed by Central Board of Indirect Taxes and Customs (CBIC) and state authorities out of the total refund claims of Rs97,202 crore received so far. Thus, the disposal rate of 93.77% has been achieved,” the ministry said.
Giving break-up for the refund figures, the ministry said that Rs48,455 crore of IGST refunds have been disposed of as on 28 November, which is 95% of the total such claims.
As much as Rs2,473 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 Rs46,274 crore, the pendency as on 3 December stood at Rs3,580 crore. “Provisional/final order has been issued in case of (ITC) refunds amounting to Rs37,406 crore. In claims amounting to Rs5,288 crore, deficiency memos have been issued by respective GST authorities,” the statement said.
The ministry said pending GST refund claims amounting to Rs6,053 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.
- A country where some live with fear has failed
- Congress wins Chhattisgarh by a landslide, puts an end to Raman Singh era
- Opinion| A comprehensive rejection of BJP by Chhattisgarh
- Opinion: Why Urjit Patel will not be missed as RBI governor
- Even the Raman Singh factor could not prevent the BJP debacle in Chhattisgarh
Editor's Picks »
- Escorts: Japanese joint venture to hone growth in tractors
- HCL Tech’s acquisition of IBM products raises more questions than answers
- Investors ignore NMDC’s price cuts, and worry about its Donimalai iron ore mine instead
- Steel stocks get winter chill as China demand issues resurface
- Why Uday Kotak’s defiance is scaring his bank’s investors