NEW DELHI: The Central Board of Indirect Tax & Customs (CBIC) and state authorities have disposed off GST refunds worth Rs 91,149 crore to exporters, out of total claims of Rs 97,202 crore received so far.
A disposal rate of 93.8% has been achieved and pending GST refund claims amounting to Rs 6,053 crore are being expeditiously processed to provide relief to eligible claimants. Refund claims without any deficiency are being cleared expeditiously, the finance ministry said. Exports by small businesses were adversely affected by the delay in refund of upfront GST and input tax credit, which put pressure on their working capital needs, a study published by RBI had pointed out in August.
The government has taken a series of steps to step up the refunds to exporters, holding special refund events to dispose off claims by exporters. In case of IGST refunds, about 95 % (Rs 48,455 crore), of the total IGST refund claims (Rs. 50,928 crore) transmitted to customs from GSTN as on November 28.
The remaining claims amounting to Rs. 2,473 crores are held up on account of deficiencies, which have been communicated to exporters for remedial action.
Source : https://timesofindia.indiatimes.com/business/india-business/government-okays-rs-91149-crore-gst-refunds-to-exporters/articleshow/66932855.cms