CBIC starts third GST refund fortnight

CBIC starts third GST refund fortnight

- in economy, Industry

New Delhi: For fast track clearance of pending GST refunds, the Central Board of Indirect Taxes and Customs (CBIC) will organise third edition of its special fortnight drive from July 16 to 30.

“In order to liquidate pendency further, and to handhold/guide the trade for applying for the refund claims in a proper manner, it has been decided to observe another refund fortnight from 16th July, 2018 to 30th July, 2018,” said a statement from ministry of finance.

“Dedicated refund cells and helpdesks would be provided for exporters to get their refund claims processed, in each Commissionerate,”it added.

In the previous two fortnight editions observed in March and June 2018, the CBIC had cleared Rs. 5,401 crore and Rs. 7,635 crore refunds with regard to IGST and ITC claims, it said.

The CBIC further asked the exporters and export organizations to take benefit of this opportunity to get their pending refund claims processed. The facility to view reasons for pending IGST refunds have been provided on ICEGATE.

As the IGST refund procedure is designed for seamless electronic processing if sufficient and correct details are filed by the exporter, so Export organisations and Export Promotion Councils must come forward to assist exporters in observing the correct procedure to file refund claims and in rectification efforts in the case of errors.

It is to be noted that in case of IGST refunds for goods exported out of India, the percentage of amount of refund claims disposed by CBIC is already more than 90%.

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