Finance Ministry unveils Phase II of Special GST refund drive

NewsBharati    31-May-2018
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New Delhi, May 31: In a move to clear refund claims of exporters under Goods and Services Tax (GST), government today launched a second ‘Special Drive Refund Fortnight’ from 31st May 2018 to 14th June 2018. This time the “Special Drive Refund Fortnight” would facilitate all types of Refund claims in which Customs, Central, and State GST officers will strive to clear all GST refund applications received on or before 30th April 2018.

 

Refunds of GST have been a concern for both the Government and Trade for the past several months. Till now, the Government has sanctioned more than Rs 30,000 crore as GST Refund.

 

This will include refunds of GST paid on exports, refunds of unutilized ITC and all other GST refunds submitted in FORM GST RFD-01A. Refund claims to the tune of Rs 14,000 crore (Rs.7,000 crore on the IGST side and Rs 7,000 crore on account of ITC) are pending with the Government as on date, as against the figure of Rs 20,000 crore projected by exporters’ body FIEO. 
 
This includes an amount of 16 thousand crore rupees of IGST and 14 thousand crore rupees of ITC. The figures of ITC include sanction by both the Central and State Governments. In the first phase of refund fortnight observed during March 15 to March 30, the Central Board of Indirect Taxes and Customs (CBIC) had cleared refunds totaling Rs 17,616 crore. 

This comprised Rs 9,604 crore of Integrated GST refunds, Rs 5,510 crore ITC refund by the Centre and Rs 2,502 crore ITC refund by states.

The release by the Ministry of Finance further asked the exporters that the refund application in FORM GST RFD-01A will not be processed unless a copy of the application, along with all supporting documents, is submitted by an applicant to the jurisdictional tax office.

Finance Ministry GST Refund Tax