Diabytes
GST refunds News
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CBIC has introduced several anti-evasion measures.
GST refunds will now be disbursed in PAN-linked bank accounts of filers.
CBIC will amend Rule 59(6) of the Central GST Rules with effect from January 1, 2022.
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The finance ministry had on April 8 said that to provide relief during COVID-19 it has been decided to issue all pending GST and custom refunds which would benefit around 1 lakh business entities, including MSME.
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CBIC had conducted a refund fortnight from May 31 to June 14, which was later extended by 2 days to June 16.
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So far, the government has sanctioned more than Rs 30,000 crore as GST Refund.
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In October, the CBEC had started refunds for merchandise exporters who had paid IGST and claimed refund based on shipping bill by submitting Table 6A.
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For claiming the refunds, exporters have to fill Table 6A while filing GSTR-1 for July, August and September.
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For July, where GSTR 1 form has been already filed by businesses, it said the authorities would be in a position to process the refund applications.
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Many exporters were on the verge of closure due to draining of working capital, since blockage of funds on account of GST was exorbitant, he said in a press release.
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