The Central Board of Indirect Taxes and Customs (CBIC) has announced another refund drive starting the middle of this month, helping businesses and merchants to look forward to more assistance from tax officials in securing tax refunds.
Goods and service tax (GST) refund has been a concern for the government and the trade for the past several months and the latest refund drive, the third since March, is meant to reduce the pendency of refunds, according to a statement from CBIC.
The first two refund drives have resulted in businesses and traders getting Rs. 10,352 crore of integrated GST (IGST) refunds and Rs. 2,684 crore of input tax credits, it said. The third refund fortnight from 16 July to 30 July, launched close on the heels of the one held in the first fortnight of June, indicates that the tax administration is keen to address all taxpayer grievances within a short span of time and improve the ease of doing business.
The NDA government, which is in its fifth year in office, is taking steps to make an improvement on this front after the GST rollout a year ago faced several glitches in the initial months, following which some of the key self-policing features such as invoice matching were suspended. CBIC has already disposed of more than 90% of claims with regard to IGST refunds for goods exported out of India, according to the statement. Taxes that go into the production of goods that are exported are refunded to keep exports competitive in world markets.
Dedicated refund cells and help desks would be established in each commissionerate to help exporters to get their refund claims processed, it said.
“Exporters and export organizations are requested to take benefit of this opportunity to get their pending refund claims processed,” CBIC said.