Reason Out! Why More Than 50,000 IGST Refund Claim Still Pending?

An overwhelming number of integrated GST (IGST) claims are currently pending for the refund for more than a year due to pending documents required to be submitted by the taxpayer.

Minister of State for Finance Anurag Singh Thakur stated that around 52,720 IGST refund claims Know how to file GST refund claims manually by using GST refund form RFD-01A. We have explained step by step procedure in a brief manner are pending due to nonsubmission of documents in the parliament.

In the statistics of claims, a total of 1,86,158 entities have claimed for a refund with around 36,42,272 refund applications out of which 34,46,010 refund applications were processed till December 2.

Also, Thakur stated that the direct collection was Rs 5,56,490 crore from the time period between April to November 2019 and in the same time period of the previous year, there was a collection of Rs 5,47,711 crore.

Also as per the budget estimates, the direct tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collection for the current financial year was set at Rs 13,35,000 crore.

Apart from this, there is a piece of great news for the customers involved in fraudulent bank transactions that the customer will have zero liability for any fraud transaction if he informs the bank within 3 days of the transaction time.

Also, the bank will credit the amount within 10 days from the time of informing which makes sense for the customers.