The government has cleared pending GST refunds to the tune of Rs 38,062 crore to the exporters so far, an official statement said today. “In all, Rs 21,142 crore (IGST refunds), Rs 9,923 crore (RFD-01A refund by CBIC) and Rs 6,997 crore (RFD-01A refund by states), all totalling Rs 38,062 crore has been sanctioned till June 16, 2018,” CBIC said in a statement. The Central Board of Indirect Taxes and Customs (CBIC) had conducted a refund fortnight from May 31 to June 14, which was later extended by 2 days to June 16. During the refund fortnight, the pending refunds of integrated GST (IGST) of exporters based on shipping bill was cleared. Also those businesses making zero rated supplies or those wanting to claim input credit, and filled up Form RFD-01A were also given refunds.
The CBIC said as on June 16, Rs 6,087 crore of IGST refunds has been sanctioned in the refund fortnight. Besides, RFD-01A claims worth Rs 1,548 crore were sanctioned by the centre and Rs 2,290 crore by the states during the fortnight. This is out of the Rs 9,816 crore RFD-01A refund claims received by the centre as on April 30, 2018.
Thus, the total IGST and RFD-01A refund claims sanctioned by the government during the refund fortnight was Rs 9,925 crore. The government had last month said about Rs 14,000 crore of refunds of exporters were stuck due to various mismatches. The CBIC had organised the special refund drive to fast track clearances.
The amount of RFD-01A refund claims disposed as on June 16, 2018, by the centre stood at Rs 10,824 crore and by the states at Rs 7,287 crore. Thus, the total amount of RFD-01A claims disposed off stands at Rs 18,111 crore so far, the CBIC added.