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Home / Knowledge / News / Textiles / Indian govt issues ₹17,616 cr refund under GST
Indian govt issues ₹17,616 cr refund under GST
03
Apr '18
In line with commitment of government to liquidate all pending Goods and Services Tax (GST) refunds, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded refund fortnight cum special drive from March 15, 2018 to March 31, 2018. So far, ₹17,616 crore has been sanctioned under IGST refunds and ITC refund by Centre and states.

“During the refund fortnight cum special drive period, all field formations of CBIC worked hard to provide refund relief to the exporters. Special refund cells manned by experienced staff were put in place throughout the country,” an official statement said.

The success of these efforts is visible in the amount of refunds sanctioned during this period. By the end of March 31, 2018 another ₹4,265 crore IGST refund has been sanctioned in the refund fortnight taking the total tally to ₹9,604 crore, the statement said.

As regards to ITC refunds, ₹1,136 crore has been sanctioned during the special drive making the total figure of ITC sanctioned equal to ₹5,510 crore by end of this fiscal.

As per the latest available data, in all, ₹9,604 crore (IGST refunds), ₹5,510 crore (ITC refund by Centre) and ₹2,502 crore (ITC refund by states)—all totalling to ₹17,616 crore has been sanctioned.

Apart from this, an amount of ₹16,680 crore duty drawback has been disbursed to exporters during the period from July 1, 2017 to March 31, 2018. An amount of ₹1,833.25 crore approx. has been disbursed to exporters against RoSL claims during financial year 2017-18.

“The momentum gained during this fortnight would be carried on in future. The CBIC is dedicated to sanction all the legitimate refund claims of exporters. The efforts are being made to resolve those issues which are still pending in consultations with GSTN,” the statement said. (RKS)

Fibre2Fashion News Desk – India


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