Over 90 percent refund claims disposed by CBIC: Fin Min
New Delhi, July 6 (KNN) While presenting the budget, Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that during the second refund fortnight, Rs. 6,087 crore Integrated Goods and Service Tax(IGST) refunds and Rs. 1, 548 crore Income Tax Credit( ITC) refunds were sanctioned by Central Board of Indirect Taxes & Customs (CBIC).
Minister said 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%.
The Finance Minister further said that merchant exporters have to pay nominal GST of 0.1 percent for procuring goods from domestic suppliers for export. This was done in order to provide a big thrust to the growth of the export sector and resolve their working capital issues.
The permanent solution to cash blockage is e-Wallet scheme which is proposed to be launched with effect from 01.04.2020.
She stated that e-way Bill system for inter-State movement of goods has been implemented from 01.04.2018. This system, for intra-State movement, has also been brought into force in a staggered manner by 16.06.2018. Till 31.05.2019 around 66.45 crore e-waybills have been generated including 37.11 crore e-way bills for intra-State movement.