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Business Economy


GST refunds: No delays, FinMin calms exporters

New Delhi, Nov 8 (UNI) Allaying concerns, the Centre on Thursday assured exporters that there was no let-up in the sanction of GST refunds.
'There are concerns being raised about the growing pendency of Goods and Services Tax Refunds. Exporters are reassured that there is no let-up in the sanction of GST refunds,' according to a Finance Ministry statement.
The Ministry stated,'’the disposal rate is consistently improving month-on-month. As on October 31, 2018, total GST refunds to the tune of Rs 82,775 crore have been disposed by Central Board of Indirect Taxes and Customs and the State authorities out of the total refund claims of Rs 88,175 crore received so far.
'As on 31.10.2018, the disposal rate of 93.8 per cent has been achieved. The pending GST refund claims amounting to Rs 5,400 crore 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 per cent (Rs 42,935 crore) of the total claims (Rs. 46,032 crore) transmitted to Customs from GSTN as on October 31, 2018, have already been disposed, the ministry said.
'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,' according to the statement.
The Ministry said that in the case of RFD-01A (ITC Refund) claims, out of the total refund claims of Rs 42,145 crores, the pendency as on October 31, 2018 was 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 crores.
'In claims amounting to Rs. 5,239 crores, deficiency memos have been issued by respective GST authorities.
Efforts are being made continuously to clear all the pending refund claims, wherever requisite information is provided and found eligible. 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,' the Ministry stated.
UNI AR RP1932
More News
Rupee opens flat at 69 73 against USD

Rupee opens flat at 69 73 against USD

21 May 2019 | 11:50 AM

Mumbai, May 21 (UNI) The Rupee on Tuesday opened steady at 69.73 against the USD Dollar in early trade on selling of the American currency by bankers and exporters, dealers at Forex Market said.

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Major currencies up

Major currencies up

21 May 2019 | 11:49 AM

Mumbai, May 21 (UNI) Following were the indicative currency rates and travellers' cheques buying and selling rates per unit on Tuesday.

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Wholesale prices of Oils, Sugar, Commodities in APMC

21 May 2019 | 11:43 AM

Bengaluru, May 21 (UNI) Following were the wholesale prices in the
Bengaluru APMC here on Tuesday.

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Chennai Oil Market Rates

21 May 2019 | 11:32 AM

Chennai, May 21 (UNI) Following are the rates in the
Chennai Oil Market here today.

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Bullion Market Opening rates

21 May 2019 | 10:52 AM

Chennai, May 21 (UNI) Following is the bullion markets
opening rate here today.

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