Saturday, October 13, 2018

GST refunds: Finance Ministry refutes 'exaggerated, inaccurate' reports; says actual pending amount is Rs 2,077 cr

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New Delhi: Denying reports on unfinished quantity of products and Services Tax (GST) refunds, the govt. on weekday aforementioned the particular quantity unfinished is Rs two,077 crore, but ten per cent of Rs twenty two,000 large integer as quoted by export bodies.

“It has been noticed  that unproven reports of unfinished GST refunds on account of exports ar printed within the medium by trade bodies. These figures being place go into the general public domain ar exaggerated and therefore inaccurate,” the Finance Ministry aforementioned in a very note.

It, however, additional that whereas an oversized range of exporters were granted refunds, some claims ar unfinished because of deficiencies found in claims. This amounts to Rs eight,016 large integer comprising Rs three,065 large integer in integrated GST (IGST) and Rs four,951 large integer in Input step-down (ITC).

“It is processed that regarding ninety two.68 per cent (Rs thirty eight,824 crore) of the overall IGST refund claims (Rs forty one,889 crore) transmitted to Customs from GSTN as on date have already been disposed. The remaining claims amounting to Rs three,065 large integer ar delayed on account of varied deficiencies that are communicated to exporters for remedial action,” it said.

Further, just in case of ITC refund claims with Centre and states, the pendency as on date is simply Rs two,077 crore. Out of the refund claims of Rs thirty-nine,372 large integer received, tentative or final order has been issued just in case of refunds amounting to Rs thirty two,345 crore.

“In claims amounting to Rs four,951 crore, deficiency memos are issued. Thus, actual pendency is much but is being place out for the data of the general public. the general disposal of GST refunds is Rs seventy one,169 large integer until date,” the Ministry aforementioned.

Seeking co-operation from exporters in elbow grease due diligence whereas filing returns and shipping bills, the Ministry asked the export bodies to quote solely verified figures to avoid unneeded alarm among exporters.

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