GST refund claims of Rs 543.78 billion of exporters have been cleared by the Centre and state tax officials till July end, the finance ministry said on Wednesday.
As of July 31, 2018, the total amount of Integrated GST (IGST) refund claims disposed by CBIC is Rs 298.29 billion, taking the disposal rate to 93 per cent.
Besides, Rs 245.49 billion has been paid on account of Input Tax Credit (ITC) to exporters who claimed refund by filing RFD-01A.
Of this, the Central Board of Indirect Taxes and Customs (CBIC) has cleared Rs 160.74 billion, while the state authorities have refunded Rs 84.75 billion.
"The CBIC has successfully concluded the Third Refund Fortnight from July 16-31, 2018. Till July 31, 2018, the total GST refunds disposed by the Centre and the States are to the tune of Rs 54,378 crore (543.78 billion)," the finance ministry said in a statement.
During the third refund fortnight, the IGST refunds of amount Rs 33.91 billion have been sanctioned by CBIC.
"The remaining GST refunds pending with CBIC will continue to be processed expeditiously. However, the exporters are requested to ensure that the correct procedure of filing returns, giving accurate information in Shipping Bill and submitting RFD01A Application Forms to the jurisdictional formations are followed for quick disbursal of their GST refund claims," the ministry added.
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