94% of GST refund claims of Rs 972.02 billion settled, says Centre
The remaining claims amounting to Rs. 24.73 billion are held up on account of various deficiencies
The government on Monday said nearly 94 per cent of the total GST refund claims of Rs 972.02 billion has been settled by the Central Board of Indirect Taxes and Customs (CBIC) and the state authorities.
“Total GST refunds to the tune of Rs 911.49 billion have been disposed by CBIC and state authorities out of the total refund claims of Rs 972.02 billion received so far. Thus, the disposal rate of 93.77 per cent has been achieved,” the Finance Ministry said in a statement.
It said the pending Goods and Services Tax (GST) refund claims of Rs 60.53 billion are being expeditiously processed so as to provide relief to eligible claimants. Refund claims without any deficiency are being cleared expeditiously, it said.
In case of integrated GST (IGST) refunds, about 95 per cent or Rs 484.55 billion of the total IGST refund claims of Rs 509.28 billion transmitted to Customs from GSTN as on November 28 have been disposed of.
“The remaining claims amounting to Rs. 24.73 billion are held up on account of various deficiencies which have been communicated to exporters for remedial action,” it said.
Further, in case of Input Tax Credit (ITC) and other refund claims, of the total refund claims of Rs 462.74 billion received in the jurisdictional tax offices, the pendency as on December 3 is Rs 9.02 billion with the Centre and Rs 26.78 billion with states.
The provisional or final order has been issued in case of refunds amounting to Rs 374.06 billion. In claims amounting to Rs 52.88 billion, deficiency memos have been issued by respective GST authorities, it said.
The Ministry added efforts are being made continuously to clear all the pending refund claims, where ever requisite information is provided and found eligible.
It sought the cooperation of the exporter community 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 returns and shipping bills.
Source- Business Standard.
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