GST: Government Clears Rs 38,062 Crore Refund Claims Of Exporters Till June 16
The government has cleared pending Goods and Services Tax refunds to the tune of Rs 38,062 crore to exporters so far, an official statement said today.
“In all, Rs 21,142 crore (Integrated GST refunds), Rs 9,923 crore (RFD-01A refund by CBIC) and Rs 6,997 crore (RFD-01A refund by states), all totalling Rs 38,062 crore has been sanctioned till June 16, 2018,” the Central Board of Indirect taxes and Customs said in a statement.
CBIC had conducted a refund in the fortnight from May 31 to June 14, which was later extended by two days to June 16.
During the refund fortnight, the pending IGST refunds of exporters based on shipping bills were cleared. Besides, businesses making zero rated supplies or those wanting to claim input credit, and filled up Form RFD-01A were also given refunds.
Rs 6,087 crore of IGST refunds has been sanctioned in the refund fortnight as of June 16, the CBIC said.
Besides, RFD-01A claims worth Rs 1,548 crore were sanctioned by the Centre and Rs 2,290 crore by the states during the fortnight. This is out of the Rs 9,816 crore RFD-01A refund claims received by the Centre as on April 30, 2018.
Thus, the total IGST and RFD-01A refund claims sanctioned by the government during the refund fortnight was Rs 9,925 crore.
The government had last month said about Rs 14,000 crore of refunds of exporters were stuck due to various mismatches. The CBIC had organised the special refund drive to fast track clearances.
The amount of RFD-01A refund claims disposed as on June 16, 2018, by the centre stood at Rs 10,824 crore and by the states at Rs 7,287 crore. Thus, the total amount of RFD-01A claims disposed off stands at Rs 18,111 crore so far, the CBIC added.