GST Refund Status as on 31st October 2018
As per the latest news CBIC and State authorities have released total GST refunds to the tune of Rs 82,775 crore till 31st October 2018. This is out of the total refund claim applications of Rs 88,175 crore received.
Refund Settlement percentage
Thus, the settlement rate of 93.8% has reached as on 31.10.2018. In order to provide relief to eligible exporters, the amount of Rs 5,400 crore pending for Goods and service Tax refund application claims is being processed expeditiously.
Also, the refund application claims without any lacking are being approved quickly.
In the case of IGST refund, approximately 93.27% (Rs. 42,932 crores) of the total IGST refund claims application (Rs. 46,032 crores) transferred to the Customs from GSTN.
This is as on October 31, 2018. However, the remaining claims of Rs.3096 are held up due to deficiencies and are communicated to experts for resolution.
Input Tax Credit Refund Status
As on 31st October 2018, the total pending claims of Rs. 159 crore is with Centre and Rs. 2146 crore are with states. This is out the total refund claims of Rs. 42,145 core for Input Tax credit (ITC)
In this regard, the provisional/final order has been issued in case of refund of rupees. Rs. 34,602 crore, However, deficiency memos have been issued to the respective applicants amounting to Rs. 5,239 crores.
Further, The Government is putting more efforts to clear all the pending refund claims where the information is correct and appropriate.
However, the government requests the exporter community to co-operate by responding to the deficiency memos and errors communicated by the Centre, State GST, and customs authorities.
Also, it requests exporters to file GSTR 1 and GSTR 3 return Correctly, especially while filling shipping bills details.
GST Refund Status as on 16th June 2018
Central Board of Indirect Taxes and Customs had organized second refund fortnight from 31st may to 16th June 2018, which is completely successfully.
During the entire process all departments worked hard to complete this task. Many exporter awareness campaign held using both print and social media.
Therefore total GST refund cleared till 16 th June, 2018 stands Rs 41,548 crore. This includes 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. Read more below:
Read more..
- Online Application for GST Refund Process
- How to fill Table 9 of GSTR 1 Amendment for Claiming ITC refund
- Read GST Refund Rules
- Procedure for GST Refund on Exports
- Refund of IGST On export Transactions (SB003 and SB005 Error)
- Circular on Refund Related issues
- What is Export Refund Filing frequency
- Read refund of taxes paid under GST : Export
GST India News brings latest gst updates on GST refund status and release of money by the government. Check out our above links for GST refund related queries. GST India News is a live news portal on GST updates in India. Keep visiting our facebook page for gst updates and other GST related articles.
