CBIC clears Rs 10,700 Cr GST, customs duty refund in 16 days
CBIC authorities in a 'Special Refund and Drawback Disposal Drive', have processed over 1.07 lakh GST and IGST refund claims and over 1.86 lakh customs and duty refunds disbursing a total of over Rs.900 crores in a record 16 days. This drive was undertaken after the Finance Ministry announced clearing of pending refunds on April 8, 2020, in a bid to provide relief to businesses, especially MSMEs in light of the Coronavirus pandemic and lockdown. The CBIC is expected to clear a total of Rs.18,000 crore in refunds in the coming months to provide relief to businesses. This process, under GST laws, is supposed to be cleared in 60 days but is currently being fast-tracked so businesses can start returning to normalcy once the lockdown is lifted. Additionally, the CBIC has asked its field officers to avoid asking for physical submission of documents to better maintain social distancing during the pandemic and lockdown. Field officers have asked entities to submit their claims for GST and customs refunds along with all required documentation via email.
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