The Central Board of Indirect Taxes and Customs (CBIC) has announced another GST refund fortnight programme starting July 16.
The Central Board of Indirect Taxes and Customs (CBIC) has announced another GST refund fortnight programme starting July 16. Like previous two refund fortnight programmes, traders and business, whose refunds are still stuck can visit the refund cells and helpdesks set up by the department and claim it.
“In order to liquidate pendency further, and to handhold/guide the trade for applying for the refund claims in a proper manner, it has been decided to observe another refund fortnight from 16th July, 2018 to 30th July, 2018,” CBIC said in a statement. Earlier, the CBIC had released Rs 4,265 crore IGST refunds and Rs 1,136 crore ITC refunds in the first-fortnight programme and Rs 6,087 crore IGST refunds and Rs 1,548 crore ITC refunds in the second one.
Businesses were facing liquidity issues due to stuck GST refunds. The government said that some of the refunds were stuck due to the incorrect entry in their returns form. ” Dedicated refund cells and helpdesks would be provided for exporters to get their refund claims processed, in each Commissionerate,” the CBIC said on Monday. Businesses can find out more about the Commissionerate from the GST official website.
Businesses seeking pending IGST refunds can avail the information provided on ICEGATE. The Goods and Services Tax (GST) was launched on July 1, 2017. Initially, there were reports of GST refunds worth Rs 20,000 crore pending before the government. The CBIC, however, through these special drives is trying to sanction at the soonest.