CBIC issues GST refunds to the tune of Rs 543 billion up to July

In a relief to exporters and industry, the Central Board of Indirect Taxes and Customs (CBIC) issued goods and services tax (GST) refunds to the tune of Rs 543 billion up to July 31.

The refunds, pertaining to input tax credit and integrated GST (IGST), are expected to ease working capital and liquidity issues for the industry. 

“The remaining GST refunds, pending with CBIC, will continue to be processed expeditiously,” said CBIC in a statement on Wednesday. 

By the end of July 31, the total amount of IGST refund claims disposed of stood at Rs 298.29 billion. During the third refund fortnight alone, IGST refunds to the tune of Rs 33.91 billion were sanctioned.

During this refund fortnight, a unique facility was provided where officers of CBIC reached out to exporters for sanctioning of refunds, on their doorsteps. Besides, various measures like special refund cells at CBIC offices and Exporter Awareness Campaigns were carrIn the previous two fortnights, the CBIC has cleared Rs 54.01 billion and Rs 76.35 billion of refunds, stuck with regards to IGST paid and ITC claims.