(MENAFN- KNN India) Fin Min urges exporters to follow correct procedure of filing returns for quick disbursal of refund claims
New Delhi, June 21 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) has so far made total GST refund of Rs 41,548 crore till 16thJune, 2018. As much as Rs 6,087 crore IGST refund has been sanctioned in the 2nd Special Refund Fortnight extended from May 31- June 16, 2018.
'In line with the commitment of Government to liquidate all pending GST refunds filed till 30thApril, 2018, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the 2ndSpecial Refund Fortnight extended from 31stMay, 2018 to 16thJune, 2018, Ministry of Finance said in a statement.
During the second fortnight about 1,68,191 shipping bills have been processed and IGST refund claims of about 9,293 exporters have been sanctioned including about 3500 new exporters, whose refunds had been held up, have got their refund sanctioned.
The amount of RFD-01A refund claims received by the Centre as on 30th April, 2018 was Rs. 9,816 crores. The target for the Special Refund Fortnight was to dispose off this amount. During the refund fortnight, an amount of Rs. 1,548 crores was sanctioned by the Centre and Rs. 2,290 crores by the States. This takes the amount of RFD-01A refund claims disposed, as on 16.06.2018, by the Centre to Rs. 10,824 crores and by the States to Rs. 7,287 crores. Thus, the total amount of RFD-01A claims disposed off stands at Rs. 18,111 crores.
In all, Rs 21,142 crore (IGST refunds), Rs. 9,923 crore (RFD-01A refund by CBIC) and Rs 6,997 crore (RFD-01A refund by States) all totalingRs 38,062 crorehas been sanctioned till 16thJune, 2018. Considering the amount of rejected claims, the total IGST disposed is Rs 23,437 Crore, RFD-01A (by CBIC) is Rs10,824 crore, RFD-01A (by States) is Rs 7, 287 crore and total GST refund disposed till 16thJune, 2018 stands at Rs 41,548 crore.
The momentum gained during this fortnight would be carried on by all formations where refunds are still pending, the Finance Ministry assured.
It has asked the exporters to ensure that the correct procedure of filing returns, giving accurate information in Shipping Bill and submitting RFD01A application forms to the jurisdictional formations are followed for quick disbursal of their refund claims.
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