GST council and tax department are organizing a second phase of Special Refund Fortnight for the taxpayers which will enable them to draw their refunds at a speedy pace. The agenda is to clear all the pending applications of GST refunds within a stipulated time period.
The Special Refund Fortnight is scheduled from 31.05.2018 to 16.06.2018 which will call state and centre officers to go through all the pending GST refund applications which were received on or before 30.04.2018.
It is suggested that the taxpayers and claimants should approach and concern with their respective jurisdictional tax offices and be a part of this Special Refund Fortnight scheme to avail the refunds faster which they have applied on or before 30.04.2018.
Also, it is is to be noticed that the refund application of the form GST RFD-01A will demand a copy of the application which is to be submitted at the jurisdictional tax office with all the supporting documents, after which the refund will be initiated.
The Special Refund Fortnight scheme is applicable to all the refunds of IGST which was paid on the exports of goods and their respective claims which were submitted in the FORM GST RFD-01A on or before 30.04.2018.
Government Sanctions Rs 38,062 Crore Refund to Exporters
As part of its GST Refund Fortnight Scheme for fast-track clearances, the Central Government has so far released Rs 38,062 crore to the exporters. Out of these Rs, 21,142 crores are IGST refunds, Rs 9,923 crores are CBIC refunds and the remaining Rs 6,997 crore have been refunded by states. While IGST refunds were sanctioned based on shipping bills, businesses seeking refunds on zero-rated supplies or making ITC claims had to file Form RFD-01A.
Reportedly, the special refund drive was organized to expedite clearances of the Rs 14,000 crore exporter refunds which were blocked due to a mismatch in returns. The total Center approved IGST and RFD-01A refund on June 16 amount to Rs 10,824 crore The state approved RFD-01A refund amounted to Rs 7,287 crore for the same period. As per CIBIC, on June 16, 2018, the total amount of RFD-01A claims sanctioned by the centre amounts to Rs 18,111 crore.
