CBIC clears Rs 11,052 crore GST refund claims since April 8
- Jun 1, 2020 | Divita S Gupta
The Central Board of Indirect Taxes (CBIC) recently in a tweet announced clearing of 29,230 GST refund claims worth ₹11,052 crores in 47 days. These refunds have been processed at an accelerated speed to provide relief to approximately 1 lakh businesses suffering during the COVID-19 pandemic and subsequent lockdown.
As per the GST Law, the authorities can take up to 15 days for issuing acknowledgement or deficiency memo and up to 60 days for disposing off refund claims without any liability to pay interest but keeping the current situation in mind, the GST authorities are processing the claims at a much faster rate than usual.