FinMin refutes FIEO's claims, says Rs 71,169 cr GST refunds cleared till date

The Finance Ministry termed these figures as "exaggerated and thus inaccurate". It clarified that IGST refund worth only Rs 3,065 crore is held up due to deficiency in claims filed, and the quantum of pending ITC refund is only Rs 2,077 crore.

FinMin refutes FIEO's claims, says Rs 71,169 cr GST refunds cleared till date
The ministry said 92.68 per cent (Rs 38,824 crore) of the total IGST refund claims of Rs 41,889 crore have already been disposed, Image source: PTI
By PTI
Updated: Sat, Oct 13, 2018
10:26 am
New Delhi, PTI
RELATED NEWS
Eastern states, rural areas, new cities to drive India's growth: Arun Jaitley Eastern states, rural areas, new cities to drive India's growth: Arun Jaitley
Finance ministry hopes 3-4 banks to be out of Prompt Corrective Action this fiscal Finance ministry hopes 3-4 banks to be out of Prompt Corrective Action this fiscal
RBI vs Centre: Urjit Patel to ease up pn MSME credit, but refuses to budge on this point RBI vs Centre: Urjit Patel to ease up pn MSME credit, but refuses to budge on this point
RBI vs Govt: Crucial RBI board meeting today to set the tone on sensitive issues RBI vs Govt: Crucial RBI board meeting today to set the tone on sensitive issues
FinMin invites bids from MFs, AMCs for managing Debt ETF FinMin invites bids from MFs, AMCs for managing Debt ETF

The government Friday said Rs 71,169 crore worth GST refunds have been disposed of till date and refuted trade body FIEO's claim that Rs 22,000 crore is stuck, saying the figure is exaggerated and inaccurate.

The Finance Ministry, in a statement, said refund claims are being cleared expeditiously and asked export bodies to refrain from putting out "unsubstantiated" claims as they cause "needless alarm" amongst the exporters.

The Federation of Indian Export Organisations (FIEO) had earlier this week said Rs 22,000 crore GST refunds are pending with the government, which is creating liquidity problems for exporters.

FIEO said refunds of about Rs 7,000 crore are pending on account of Integrated GST (IGST) and about Rs 15,000 crore due to input tax credit (ITC) as of September 30.

The Finance Ministry termed these figures as "exaggerated and thus inaccurate". It clarified that IGST refund worth only Rs 3,065 crore is held up due to deficiency in claims filed, and the quantum of pending ITC refund is only Rs 2,077 crore.

"It is a fact that a large number of exporters have been granted refunds so far while a few claims are still pending owing to deficiencies found in the claims," it said.

The ministry said 92.68 per cent (Rs 38,824 crore) of the total IGST refund claims of Rs 41,889 crore have already been disposed.

"The remaining claims amounting to Rs 3,065 crores are held up on account of various deficiencies which have been communicated to exporters for remedial action," it said.

In the case of ITC refund claims with the Centre and states, the pendency as on date is only Rs 2,077 crore, the ministry said.

Watch Zee Business video here:

"Out of the refund claims of Rs 39,372 crore received, provisional/final order has been issued in case of refunds amounting to Rs 32,345 crore. In claims amounting to Rs 4,951 crore, deficiency memos have been issued," it added.

"Thus, actual pendency is far less than is being put out for the knowledge of the public. The overall disposal of GST refunds is Rs 71,169 crore till date. Refund claims without any deficiency are being cleared expeditiously," the ministry said.

It said that efforts are being made continuously to clear all the dues on account of pending refund claims.

"Co-operation of the exporter community is solicited to ensure that they exercise due diligence while filing GSTR 1 and GSTR 3B returns as well as Shipping Bills," the ministry said and assured the exporting community that all their eligible refund claims will be sanctioned without any delay.

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close