More Than INR 10,000 Crores Refunded Under GST & Custom Duty

The Central Board of Indirect Taxes and Customs (CBIC) has refunded a total of more than Rs. 10,700 crores as refund under the Goods and Services Tax (GST) and Customs. The refund amounts for the period from 8th April 2020 to 23rd April 2020. The CBIC has done a marvellous job in refunding the claims in merely 16 days.

Under the ‘Special Refund and Drawback Disposal Drive’, the officials of CBIC has cleared more than 1.08 lakh GST refund claims Read out the complete guide of official GST return filing portal i.e. GSTN for Indian taxpayers. We explain all the important part with the brief introduction. Read more that amounted to a total of more than Rs. 9818 crores and over 1.80 lakh custom refund claim that amounted to a total of more than Rs. 915 crores. A tweet made by CBIC said, “CBIC is committed to helping the GST Taxpayers/Exim Trade during #COVID19. Expeditious sanction of refunds during Special Refund Drive provide relief to trade, especially MSMEs”.

On 8th April 2020, the Ministry of Finance had declared that to provide some relief in this time of crisis because of the outbreak of COVID-19, the department is going to process all the pending claims under GST and customs that will be beneficial for more than 1 lakh businessmen and Micro, Small and Medium Enterprises (MSMEs) View the impact of GST law on startups and SMEs (small and medium enterprises) in India. The tax will provide great relief to these companies (experts reveal). Read More. The total refund is to be expected to be approx Rs. 18,000 crores.

The department had ordered its officials to skip the procedure of physical submission of documents by the claiming parties and said that all the necessary communication should be held through emails only. The government has taken the step to provide the benefit of instant refunds to the assessees to help the individuals in this time of crisis. The government has waived off the time limit to 15 days to issue acknowledgement letters and to provide the refunds within 60 days of the date marked on the acknowledgement letter. instead, the department will be processing the refund payments as soon as the claim is made by the assessee.