Pending GST refunds only Rs 2,077 cr: Finance Ministry
Friday - October 12, 2018 10:44 pm , Category : BUSINESS
New Delhi, Oct 12 (IANS) Denying reports on pending amount of Goods and Services Tax (GST) refunds, the government on Friday said the actual amount pending is Rs 2,077 crore, less than 10 per cent of Rs 22,000 crore as quoted by export bodies."It has been noticed that unverified reports of pending GST refunds on account of exports are published in the print media by trade bodies. These figures being put out in the public domain are exaggerated and thus inaccurate," the Finance Ministry said in a note.It, however, added that while a large number of exporters were granted refunds, a few claims are pending due to deficiencies found in claims. This amounts to Rs 8,016 crore comprising Rs 3,065 crore in integrated GST (IGST) and Rs 4,951 crore in Input Tax Credit (ITC)."It is clarified that about 92.68 per cent (Rs 38,824 crore) of the total IGST refund claims (Rs 41,889 crore) transmitted to Customs from GSTN as on date have already been disposed. The remaining claims amounting to Rs 3,065 crore are held up on account of various deficiencies which have been communicated to exporters for remedial action," it said.Further, in case of ITC refund claims with Centre and states, the pendency as on date is only Rs 2,077 crore. Out of the refund claims of Rs 39,372 crore received, provisional or final order has been issued in case of refunds amounting to Rs 32,345 crore. "In claims amounting to Rs 4,951 crore, deficiency memos have been issued. Thus, actual pendency is far less than is being put out for the knowledge of the public. The overall disposal of GST refunds is Rs 71,169 crore till date," the Ministry said.Seeking co-operation from exporters in exercising due diligence while filing returns and shipping bills, the Ministry asked the export bodies to quote only verified figures to avoid needless alarm among exporters.