Skip to main content

Special drive launched to process pending GST refunds


The government on Monday kicked off a special fortnight-long drive to facilitate pending GST refunds which will last till July 30.
During this period, dedicated refund cells and help desks would be provided for exporters to get their refund claims processed in each commissionerate, an official statement said.
This is the third such refund fortnight to clear Goods and Services Tax (GST) refunds after similar drives earlier held in March and June.
"However, in order to liquidate pendency further, and to handhold and guide the trade for applying for the refund claims in a proper manner, it has been decided to observe another refund fortnight from July 16 to July 30," the statement said, acknowledging that refunds of GST have been a concern for the government and trade for the past several months.
In the first refund fortnight, Rs 4,265 crore of integrated-GST (IGST) refunds and Rs 1,136 crore of input tax credit refunds were sanctioned by the Central Board of Indirect Taxes and Customs (CBIC) while in the second drive, it was Rs 6,087 crore and Rs 1,548 crore respectively.
"In case of IGST refunds for goods exported out of India, the percentage of amount of refund claims disposed by CBIC is already more than 90 per cent," the statement said.
Source: https://www.business-standard.com/article/news-ians/special-drive-launched-to-process-pending-gst-refunds-118071601096_1.html

Comments

Popular posts from this blog

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...

E-invoice enabled for businesses with annual turnover of Rs 5 crore

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/       Introduction: In a significant move to promote digitalization and streamline the tax system, the Indian government has introduced the concept of e-invoicing. Initially implemented for businesses with a turnover of Rs 100 crore or more, the government has now extended e-invoicing to businesses with an annual turnover of Rs 5 crore. This blog post explores the implications of this development and its potential benefits for businesses. What is E-Invoicing? E-invoicing is an electronic method of generating and sharing invoices between businesses and their suppliers or customers. It involves the creation of a standardized digital invoice format, which is then authenticated by the Goods and Services Tax Network (G...

Big Relief for E-Invoicing in GST

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Regards  Aseem Aggarwal CA, CPA, CS, B.Com(H) +91 7508000350 aseem@ksafirm.com LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/