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CBEC expedites GST refunds to exporters
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The Central Board of Excise and Customs (CBEC) has issued fresh instructions to Goods and Services Tax Network (GSTN) on Friday to fast-track stuck export refunds. In an exclusive report, CNBC-TV18 learned from a government official that the Centre and state governments have cleared out a major chunk of GST related refunds to exporters. Centre …
The Central Board of Excise and Customs (CBEC) has issued fresh instructions to Goods and Services Tax Network (GSTN) on Friday to fast-track stuck export refunds.
In an exclusive report, CNBC-TV18 learned from a government official that the Centre and state governments have cleared out a major chunk of GST related refunds to exporters.
Centre and the state governments have released Rs. 5,000 crore and Rs. 2,500 crore input tax credit (ITC) refund to exporters respectively, which were due till February 2018.
Rs. 1,800 crore ITC, for the said period, is still pending to be released in April 2018, the official said.
The Union government has also refunded Rs. 8,000 crore in the Integrated Goods and Service Tax (IGST) up till January 31, 2017, while Rs. 5,010 crore IGST refunds are still pending.
CBEC is currently processing Rs. 1,500 crore pending IGST, which is to be released soon to the exporters.
CBEC has appealed to exporters to submit proper documentation for expeditious processing of Rs. 3,500 crore pending IGST refunds.
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