Categories: Business

Central Board of Indirect Taxes settled GST refund claims of Rs 11,052 crore from 8 April to 24 May

Photo: GOOGLE

CBIC clears Rs 11,052 cr GST refund claims since Apr 8

New Delhi The Central Board of Indirect Taxes (CBIC) has settled claims of Rs 11,052 crore for refund of Goods and Services Tax (GST) in the last 47 days. In a Twitter message on Monday, CBIC said it was committed to ensuring cash flow during the lockdown to GST taxpayers, especially in the MSME (micro, small and medium enterprises) sector.

The board said that 29,230 refund claims worth Rs 11,052 crore were settled between April 8 and May 24. CBIC has also written that these claims were settled while working from home.

On April 8, the Finance Ministry had said that it has been decided to issue all pending GST and customs refunds to provide relief during Kovid-19. This will benefit around one lakh units doing business, including MSME units.

The ministry had said that around Rs 18,000 crore would be released under the tax refund. Earlier, the CBIC had allowed the regional authorities to contact the units claiming GST and customs refunds through the official e-mail by exempting them from the manual submission of documents.

The Central Indirect Tax Board (CBIC) said that in order to provide relief to the taxpayers in this difficult time, a decision has been taken for fast pending tax refund. However, the GST Act gives the government a total of 60 days to settle refund claims without paying any interest.

This post was published on May 25, 2020 5:48 pm

Content Team

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