RS. 7,000cr worth of GST refunds cleared: How to claim
Over Rs. 7,000cr or around half of the pending GST refunds to exporters has been cleared in the first nine days of the Central Board of Indirect Taxes and Customs' (CBIC) ongoing Special Refund Fortnight. The refunds will come as a relief for industry, which had been reeling under a lack of working capital owing to non-processed GST refunds. Here's how to claim them.
The CBIC announces the refunds on Twitter
CBIC's Special Refund Fortnight to fast track GST refund clearances
The CBIC announced the Special Refund Fortnight from May 31 to June 14, to try and fast track clearances of pending GST refunds to exporters. The Special Refund Fortnight was announced after Rs. 14,000cr worth of funds of exporters were not processed and got stuck, owing to several mismatches in documentation and other related issues.
The CBIC's instructions for claiming refunds
For claiming refunds, the CBIC has asked exporters and traders to visit their respective jurisdictional GST office, or Customs House/Port to settle pending claims during the two week period. Additionally, it has also announced GST refund clearances, based on PAN of exporters if such refunds are held up due to mismatch in GSTIN mentioned in the shipping bill and return forms.
