GST refunds worth Rs 54,378 cr cleared till July

GST refund claims of Rs 54,378 crore of exporters have been cleared by the Centre and state tax officials till July end, the finance ministry said today.

As of July 31, 2018, the total amount of Integrated GST (IGST) refund claims disposed by CBIC is Rs 29,829 crore, taking the disposal rate to 93 per cent.

Besides, Rs 24,549 crore has been paid on account of Input Tax Credit (ITC) to exporters who claimed refund by filing RFD-01A.

Of this, the Central Board of Indirect Taxes and Customs (CBIC) has cleared Rs 16,074 crore, while the state authorities have refunded Rs 8,475 crore.

"The CBIC has successfully concluded the Third Refund Fortnight from July 16-31, 2018. Till July 31, 2018, the total GST refunds disposed by the Centre and the States are to the tune of Rs 54,378 crore," the finance ministry said in a statement.

During the third refund fortnight, the IGST refunds of amount Rs 3,391 crore have been sanctioned by CBIC.

"The remaining GST refunds pending with CBIC will continue to be processed expeditiously. However, the exporters are requested to ensure that the correct procedure of filing returns, giving accurate information in Shipping Bill and submitting RFD01A Application Forms to the jurisdictional formations are followed for quick disbursal of their GST refund claims," the ministry added.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)