NEWS UPDATE

CBIC Special Drive output - Rs 1136 Cr ITC refund + Rs 4265 Cr IGST refund

Published: Apr 02, 2018

By TIOL News Service

NEW DELHI, APRIL 02, 2018: THE GST refund fortnight cum special drive launched by the CBIC has ended with Rs 4265 Cr IGST refund being sanctioned, taking the tally to Rs 9604 Crore.

Total 2,73,017 Shipping Bills with the payment of IGST have been filed by the exporters till 31st January, 2018. The number of Shipping Bills disposed of till 31st March, 2018 is 2,28,829 which is about 83% of those Shipping Bills filed till January-end. The eligible IGST claims transmitted by GSTN to Customs of the period till 31st January, 2018 are of Rs 10,720 crore, out of which Rs 9,604 crore have been sanctioned which is about 89.6% of those eligible claims transmitted by GSTN.

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

• 1,61,325 refund applications have been filed in FORM GST RFD-01A on the common portal, in which an amount of Rs. 17,471 crore has been claimed. Of these, 60,183 refund applications are in relation to zero rated supplies, in which an amount of Rs. 14,649crore has been claimed. Taxpayers are required to submit a copy of these RFD-01A application to the jurisdictional tax office, along with all supporting documents.

• However, only 26,620 refund applications (out of 1,61,325 applications) have been actually received in the Central or State tax offices. Of these, 17,734 applications have been disposed off.

• Of the total amount claimed of Rs. 17,471 crores, an amount of Rs. 8,012 crores has already been sanctioned (Rs. 5,510 crore by Centre and Rs. 2,502 crore by States).

Thus, in all, Rs 9,604 crore (IGST refunds), Rs. 5,510 crore (ITC refund by Centre) and Rs 2,502 crore (ITC refund by States) all totalling to Rs 17,616 crore has been sanctioned.

Apart from this, an amount of Rs 16,680 crore duty drawback has been disbursed to exporters during the period from 1.7.2017 to 31.03.2018. An amount of Rs 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.

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