New Delhi, Mar 14 (KNN) Eying at speeding up mechanism, the government has decided to speed up input tax refund to exporters, Shiv Pratap Shukla, Minister of State for Finance, said in written reply to a question in Rajya Sabha today.

The Minister informed that as per rule 91 of CGST Rules, 2017, ninety per cent of the refund amount claimed shall be granted on a provisional basis within a period not exceeding seven days from the date of acknowledgement of the refund claim.

“Further, as per section 54(7) of the CGST Act, 2017, the final order for granting refund shall be issued within sixty days from the date of receipt of the complete application. Out of total taxpayers under GST, 64% were also registered under previous tax regime”, the Minister said.

The processing of refund claim is being done after the claimant has filed the GST return and the grant of the refund shall be within sixty days from the date of receipt of the complete application.

With regard to exploring the impact of GST transition, Shukla informed that no specific study has been undertaken on the impact of GST transition.

Interestingly, a recent study carried out by Transunion Cibil and SIDBI hinted at the small businesses and Micro, Small and Medium Enterprises (MSMEs) still bearing the impact of Demonetization and GST. (With PIB Inputs) (KNN/DA)