11 Thousand Crore GST Refund in 47 Days Amid Lockdown, CBIC Informed
On Monday, the Central Board of Indirect Taxes informed that GST Refund worth Rs 11,052 crore worth 29,230 units have been settled in 47 days. It was completed between 8 April and 24 May.
The Central Board of Indirect Taxes (CBIC) has settled claims of Rs 11,052 crore for a refund of Goods and Services Tax (GST) in the last 47 days. The CBIC (Central Board of Indirect Taxes) said in a Twitter message on Monday that it is “committed to ensuring cash flow to the GST taxpayers, especially the MSME (micro, small and medium enterprises) sector during the lockdown”.
The board said that 29,230 refund claims worth Rs 11,052 crore were settled between 8 April and 24 May. The CBIC has also written that these claims were settled while working from home. 1 lakh units will get benefits.
On April 8, the Finance Ministry had said that it has been decided to release all pending GST and customs duty to provide relief during Covid-19. This will benefit around one lakh unit doing business including CBIC units. The ministry had said that about Rs 18,000 crore will be released under the tax refund.
Earlier, the CBIC had to contact the regional authorities claiming the GST and Customs refund from the rules of manual submission of documents through official e-mail.
The Central Indirect Tax Board (CBIC) said that in this difficult time, a decision has been taken to provide fast relief to the taxpayers. However, the GST Act gives the government a total of 60 days to settle refund claims without paying any interest.
At the same time, the tax department has said that an income tax refund of Rs 26,242 crore has been issued to 16.84 lakh taxpayers since April. In order to provide immediate liquidity relief to people and firms amid lockdowns, the department issued these refunds in a short time by expediting the refund process.