CBEC sanctions Rs 12,700-crore GST refund claims
New Delhi: The government has sanctioned GST refunds worth about Rs 12,700 crore or 80 per cent of the eligible claims of exporters, an official said on Sunday.
The Central Board of Excise and Customs (CBEC) had organised refund facilitation camps in field offices between March 15-31 to assist exporters in filling up refund claim forms and correct errors.
"IGST refund claims worth Rs 8,600 crore till January 31 were lying with the CBEC. Of this, Rs 7,700 crore worth claims have been sanctioned so far," a senior official said.
With regard to those exporters who claimed refund of their input tax, the CBEC has sanctioned about Rs 5,000 crore, out of Rs 6,900 crore due till February end, the official added.
"The CBEC has sanctioned Rs 12,700 crore IGST and Rs 5,000 crore Input tax credit (ITC) refunds. Together, this accounts for 80 per cent of the eligible claims lying with CBEC," the official added.
About Rs 2,800 crore worth eligible refunds are pending which will also be cleared soon, he said.
Besides, states have issued refunds to the tune of Rs 2,500 crore to exporters who paid State GST (SGST), the official said.
The CBEC had late last year started refunds for exporters of goods who paid Integrated GST (IGST) and have claimed refund based on shipping bill by filling up Table 6A. While for those businesses making zero rated supplies or those wanting to claim input credit, have to fill Form RFD-01A.
Ever since the rollout of GST, exporters have been complaining that delay in GST refunds has blocked their working capital.