GST refunds worth Rs.12,700 crore sanctioned by the excise board

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The Central Board of Excise and Customs (CBEC) has sanctioned GST refunds that amount to Rs.12,700 crore and have organised camps for refund facilitation. The GST refunds amount to 80% of eligible claims raised by exporters. The refund camps were organised in field offices to help exporters in filling up the correct information. The camp started from 15 March and was on till 31 March.

Tax-refunds
GST refunds for exporters

A senior official has confirmed that the CBEC had received Integrated Goods and Services Tax (IGST) refund claims till 31 January. The total worth of these claims was Rs.8,600 crore. Claims worth Rs.7,700 crore have been sanctioned till date.

The official also mentioned that among exporters who had sought refund of input tax, the excise board had sanctioned claims worth Rs.5,000 crore. The total claims raised by exporters till the end of February was Rs.6,900 crore.

Eligible refunds worth Rs.2,800 crore are pending as of now, and the clearance for this will happen soon.

It is also understood that states have been issuing refunds to exporters in the past. The total refunds issued this way amount to Rs.2,500 crore for exporters who have paid the State GST (SGST).

After the implementation of the Goods and Services Tax regime, exporters have said that there are delays in GST refunds, resulting in reduction of their working capital. The revenue department has clarified that these delays were mainly due to the exporters not submitting accurate forms to the customs department and GST Network (GSTN). The refund facilitation camp has been useful for exporters as it helped in removing the discrepancies in their claim forms.

The Prime Minister had recently organised a meeting with the officials in the finance and commerce ministry to discuss about improving the speed of claim settlement. The sanction of refunds and the refund facilitation camps were a step in the right direction to expedite the process.

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