CBIC to observe Third Refund Fortnight to clear pending refunds
Refunds of GST have been a concern for the Government and Trade for the past several months. In this regard, the CBIC has observed two special drives cum refund fortnights in the Month of March, 2018 (15th to 31st March, 2018) and June, 2018 (31st May to 16th June, 2018) respectively. These refund fortnights have provided a lot of relief to the trade. In the 1st refund fortnight, Rs. 4265 Crore IGST refunds and Rs. 1136 Crore ITC refunds were sanctioned by field formations of CBIC. Similarly, during the 2nd refund fortnight, Rs. 6087 Crore IGST refunds and Rs. 1548 Crore ITC refunds were sanctioned by CBIC. In case of IGST refunds for goods exported out of India, the percentage of amount of refund claims disposed by CBIC is already more than 90%.
However, 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. Dedicated refund cells and helpdesks would be provided for exporters to get their refund claims processed, in each Commissionerate.
The exporters and export organizations are requested to take benefit of this opportunity to get their pending refund claims processed. The facility to view reasons for pending IGST refunds have been provided on ICEGATE. As the IGST refund procedure is designed for seamless electronic processing if sufficient and correct details are filed by the exporter, so Export organisations and Export Promotion Councils must come forward to assist exporters in observing the correct procedure to file refund claims and in rectification efforts in the case of errors.
As per Departmental Letter written by the Special Secretary & Member CBIC, all the Chief’ Commissioners concerned have been directed to ensure the following with regard to the third Refund fortnight:
i Dedicated refund cells and helpdesks to be provided for exporters/trade in each Commissionerate/Division ;
ii Outreach programme in the zone so as to guide the trade in filing proper refund claims and making sure that every claimant who generates a refund application in FORM GST RFD-01A, is made aware as to how and where he/she can submit the refund application;
iii Immediate disbursal of sanctioned refund claims I forwarding of sanction orders to the State authorities concerned ; and
iv To dispose of all pending ITC refund applications received till 15th June, 2018 by the end of this rcfund disposal fortnight.
v. To dispose of all pending shipping hills filed prior to 15th June 2018 and where GSTN has transmitted records to Customs EDI system
It has been further directed that the Chief Commissioners shall personally monitor the disposal of pending cases, and to send a report every Friday to Member (Customs) and Member (GST)for IGST and RFD-01A claims, respectively.
RBI specifies ‘Related Party’ with respect to bank RBI has issued RBI Credit Risk Management Directions, 2025 defining ‘Related Party’…
Advisory on Filing Opt-In Declaration for Specified Premises, 2025 Dear Taxpayers, The relevant declarations issued vide Notification No. 05/2025 –…
FAQs for HSNS Cess Act, 2025 and HSNS Cess Rules, 2026 Q1. Who is required to get registered under the…
Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on…
When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be…
Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent…