The total refund granted will be approximately Rs 18,000 crore, it had said.
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 had said that the decision to process pending refund claims has been taken with a view to providing immediate relief to the taxpayers in these difficult times even though the GST Law provides 15 days for issuing acknowledgment or deficiency memo and total 60 days for disposing of off refund claims without any liability to pay interest.
It is to be noted that the government is mulling ways to compensate states for the widening goods and services tax (GST) shortfall, which includes borrowing from the market and extending the cess repayment period further. Raising GST rates or rationalisation of tax slabs may be discussed by the GST Council in the next meeting to be scheduled early next month.
Compensating states have become tough with dwindling cess collection in the compensation fund amid a sharp fall in revenue due to the coronavirus