Over 50,000 Integrated GST Refund Claims Pending For More Than One Year
A bag showing GST placed outside the Parliament. (Source: PTI)

Over 50,000 Integrated GST Refund Claims Pending For More Than One Year

Bookmark

As many as 52,720 Integrated Goods and Services Tax refund claims are pending for more than one year, Minister of State for Finance Anurag Singh Thakur informed Parliament on Tuesday.

The reasons for this pendency include non-submission of required documents by the applicants, he said in a written reply to Rajya Sabha.

A number of companies applied for GST refund since the introduction of the tax regime, he said, adding a total of 1.86 lakh entities have filed 36.42 lakh refund applications, out of which 34.46 lakh refund applications have been finalised as on Dec. 2.

In reply to another question, Thakur said the net direct collection for the period from April till November 2019 stood at Rs 5.56 lakh crore whereas for the corresponding period of previous fiscal it was at Rs 5.47 lakh crore, which indicates growth

As per the Budget Estimate, direct tax collection for the current fiscal was pegged at Rs 13.35 lakh crore.

Of this, collection from corporate tax was pegged at Rs 7.66 lakh crore, while that from personal income tax was pegged at Rs 5.69 lakh crore in 2019-20.

Replying to another question, he said, to help customers recover loss sustained on account of fraudulent transactions, the Reserve Bank of India has issued instructions providing zero liability of a customer if she or he informs the bank regarding an unauthorized electronic transaction within three working days of receiving information in respect of the transaction from the bank.

The bank shall credit the amount involved in such transaction to the customer's account within 10 working days from the date of information by the customer, he said.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.