CBIC to organise 3rd GST refund fortnight from July 16

The Central Board of Indirect Taxes and Customs (CBIC) will organise third refund fortnight from July 16 to July 30 to clear pending GST refunds.

"In order to liquidate pendency further, and to handhold/guide the trade for applying for the refund claims in a proper manner, it has been decided to observe another refund fortnight from 16th July 2018 to 30th July 2018," a statement issued by CBIC read.

"Dedicated refund cells and helpdesks will be provided for exporters to get their refund claims processed, in each Commissionerate," the statement added.

The CBIC further asked the exporters and export organizations to take benefit of this opportunity to get their pending refund claims processed.

In the first refund fortnight, Rs 4,265 crore IGST refunds and Rs 1,136 crore ITC refunds were sanctioned by field formations of CBIC.

Similarly, during the second refund fortnight, Rs 6,087 crore IGST refunds and Rs 1,548 crore ITC refunds were sanctioned.

In case of IGST refunds for goods exported out of India, the percentage of the amount of refund claims disposed of by CBIC is already more than 90 percent.