CBIC clears GST refunds worth Rs 82,775 crore as on October 31

The Finance Ministry stated that total Goods and Services Tax (GST) refunds to the tune of Rs 82,775 crore to exporters has been cleared by the Central Board of Indirect Taxes and Customs (CBIC) and the state authorities out of the total refund claims of Rs 88,175 crore received so far. It noted that the disposal rate of GST refunds is 93.8 percent as on October-end this year. It also indicated that the pending GST refund claims amounting to Rs 5,400 crore are being expeditiously processed so as to give relief to eligible exporters.

Giving the refunds' break-up, the Ministry said that Rs 42,935 crore of IGST refunds have been disposed of as on October 31, which is 93.27 percent of the total such claims. It also indicated that as much as Rs 3,096 crore worth of IGST refund claims are held up on account of various deficiencies which have been communicated to exporters for remedial action. In the case of input tax credit claims, it noted that the total claims of Rs 42,145 crore, the pendency as on October 31 stood at Rs 2,305 crore.

It further said that there are concerns being raised about growing pendency of GST refunds and sought to assure the exporters that there is no let up in the sanction of GST refunds. It also said that refund claims without any deficiency are being cleared expeditiously. It also informed that efforts are being made continuously to clear all the pending refund claims, where ever requisite information is provided and found eligible.