CBIC has sanctioned GST refund claims worth Rs 11,052 crore in last 47 days
The Central Board of Indirect Taxes (CBIC) today said that it has sanctioned GST refund claims worth Rs 11,052 crore in last 47 days.
In a tweet, the CBIC said, it is committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown.
CBIC is committed to ensuring Liquidity to GST Taxpayers especially MSME Sectors during Lockdown.
— CBIC (@cbic_india) May 25, 2020
29230 refund claims amounting to Rs.11052 crores disposed off.#AatmaNirbharBharatAbhiyan pic.twitter.com/HfBwmoIWlr
CBIC further said, 29,239 refund claims amounting to Rs 11,052 crore were disposed of between April 8 and May 24, 2020.
The Finance Ministry had on April 8, 2020, said, to provide relief during COVID-19, it has been decided to issue all pending GST and custom refunds which would benefit around one lakh business entities, including SMEs.
Total refund that has been processed stands around Rs 18,000 crore. The CBIC had earlier asked its field officers to avoid asking for physical submission of documents from entities who are claiming GST and Customs refunds and instead use official email for all communication.
The CBIC has said that the decision to process pending refund claims has been taken to provide immediate relief to the taxpayers in these difficult times even though the GST Law provides 15 days for issuing acknowledgement or deficiency memo and total 60 days for disposing of off refund claims without any liability to pay interest.