CBIC clears Rs 10,700 cr GST, custom duty refund between April 8-23, MSMEs to benefit

New Delhi, Apr 26 (KNN) The Central Board of Indirect Taxes (CBIC) has provide relief to Micro Small and Medium Enterprises (MSMEs) and traders by clearing over Rs 10,700 crore worth refunds in GST and customs duty between April 8-23.

CBIC on Saturday took to the micro-blogging site twitter and said, ''In the Special Refund and Drawback Disposal Drive, the CBIC officers have cleared over 1.07 lakh Goods and Services Tax and IGST refund claims worth Rs 9,818.12 crore while over 1.86 lakh customs and duty drawback refund was processed totalling Rs 915.56 crore.''

"CBIC is committed to help GST Taxpayers/Exim Trade during #COVID19. Expeditious sanction of refunds during Special Refund Drive provide relief to trade, especially MSMEs," it added.

On April 8th, the Finance Ministry had decided to issue all pending GST and custom refunds which would benefit around 1 lakh business entities, including MSME amid COVID-19 pandemic.