Exporters reassured on no let-up in the sanction of GST refunds
New Delhi, Nov 9 (KNN) There are concerns being raised about growing pendency of GST Refunds. Exporters are reassured that there is no let-up in the sanction of GST refunds, according to a press release by the Finance Ministry.
The disposal rate is consistently improving month-on-month, the Ministry added.
It said efforts are being made continuously to clear all the pending refund claims, where ever requisite information is provided and found eligible.
Finance Ministry said, "Co-operation of the exporter community is solicited 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 GSTR 1 and GSTR 3B returns as well as Shipping Bills."
As on 31st October, 2018, total GST refunds to the tune of Rs 82,775 crore have been disposed by Central Board of Indirect Taxes and Customs (CBIC) and the State authorities out of the total refund claims of Rs 88,175 crore received so far.
Thus, the disposal rate of 93.8 % has been achieved as on 31.10.2018. The pending GST refund claims amounting to Rs. 5,400crore are being expeditiously processed so as to provide relief to eligible exporters. Refund claims without any deficiency are being cleared expeditiously.
In case of IGST refunds, about 93.27 % (Rs 42,935 crore) of the total IGST refund claims (Rs. 46,032 crore) transmitted to Customs from GSTN as on 31st October, 2018 have already been disposed.
The remaining claims amounting to Rs.3,096 crore are held-up on account of various deficiencies which have been communicated to exporters for remedial action.
In the case of RFD-01A (ITC Refund) claims, out of the total refund claims of Rs. 42,145 crorethe pendency as on 31st October, 2018 is Rs 159 Crore with the Centre and Rs 2,146 crore with the States.
Provisional/Final Order has been issued in case of refunds amounting to Rs. 34,602 Crore. In claims amounting to Rs. 5,239Crore, deficiency memos have been issued by respective GST authorities, said the Ministry.