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,