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CBIC clears Rs 11,052 crore GST refund claims since Apr 8 to benefit MSMEs – GST Station

CBIC clears Rs 11,052 crore GST refund claims since Apr 8 to benefit MSMEs

CBIC clears Rs 11,052 crore GST refund claims since Apr 8 to benefit MSMEs

    The finance ministry had on April 8 said that to provide relief during the cor it has been decided to issue all pending GST and custom refunds

    The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days.

    In a tweet, the CBIC said it is “committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown”. The tweet added that 29,230 refund claims amounting to Rs 11,052 crore disposed of between April 8-May 24, the CBIC added.

    Refunds have been sanctioned while ensuring work from home, it added. The finance ministry had on April 8 said that to provide relief during the cor it has been decided to issue all pending GST and custom refunds which would benefit around 1 lakh business entities, including MSME.

    The total refund granted will be approximately Rs 18,000 crore, it had said.

    The CBIC had earlier asked its field officers to avoid asking for physical submission of documents from entities who are claiming GST and Customs refunds and instead use official email for all communication.

    The CBIC had said that the decision to process pending refund claims has been taken with a view to providing immediate relief to the taxpayers in these difficult times even though the GST Law provides 15 days for issuing acknowledgment or deficiency memo and total 60 days for disposing of off refund claims without any liability to pay interest.

    It is to be noted that the government is mulling ways to compensate states for the widening goods and services tax (GST) shortfall, which includes borrowing from the market and extending the cess repayment period further. Raising GST rates or rationalisation of tax slabs may be discussed by the GST Council in the next meeting to be scheduled early next month.

    Compensating states have become tough with dwindling cess collection in the compensation fund amid a sharp fall in revenue due to the coronavirus pandemic.

    Source- Business Standard.

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