Extension of Special Refund Drive till June 16th ,2018

Probably when you guys are reading this article the refund drive organized by CBIC has been closed. But that’s the thing late but not too late.

The Tax department has been cleared more than Rs.7000 crore‘s of IGST/ITC refund to claimants under the special refund drive organized from   “May 31^st to June 14^th, 2018. This information has been shared on their twitter handle.

The CBIC also asked the Exporters/Traders/Other claimants Opportunity of special refund  Fortnight from May 31^st to June 14^th ,2018  and visit their jurisdictional GST office or Custom House/Port and settle pending claims.

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By organizing this kind of drive government is trying to clear backlog of refunds and help to traders and exporters as mentioned by exporters and traders that huge backlog of refund are affecting business due to capital blockage.

As I mentioned in my earlier post that it is not enough to file refund online the exporters /traders need to visit their jurisdictional GST office / Custom house/Port.

There More the Government has been issued a press release and also on their twitter handle mentioning that Extension has been granted for special refund drive till June16th, 2018  so now the traders and exporters have 2  more days for filling their claims for GST refund.

Once Again I will say don't miss this opportunity!!!

Press-releaseLink:-
Press Release on Extention of Special Refund Driveention

GST COLLECTION FOR MAY

GST collection in May declines to Rs 940 billion, misses Rs 1-trillion mark

India collected a Rs 94,016 crore in the form of goods and services tax (GST) in May 2018, up from the average collection of nearly Rs 90,000 crore per month in financial year of 2017-18.The collection for the April was higher than that but in April all the year end adjustments/tax payments are done hence it usually reflects anomaly.  

Press Release

Visit my blog for all the latest updates on GST and Direct Tax 

Special Refund Drive by CBIC for Pending GST Refund

As we all aware that CBIC (Central Board of Indirect Taxes) earlier it was known as CBEC has organized a special refund Fortnight from 31.05.2018 to 14.06.2018 under their initiative of Ease of Doing Business. In this special refund drive they emphasize on two points.

  1.  The Refund claim needs to be filled only with one tax authority. No need to file separately with centre and state for refund of CGST and SGST respectively: - It means we need to file single claim for both state and centre GST on common portal, no need to file separate claims.

2.    It is not enough to file Form GST-RFD-01A on the common portal. Your refund will not be processed until you submit a printout of the form to the jurisdictional tax office- It means we need to visit our local tax authority to submit our claim of refund with supporting documents.

This is second phase of refund drive and govt. is focused to clear GST refund application received on or before 30^th April 2018 for fast track clearance.

A statement has been come from finance ministry that Refund of Rs.14000 crore are pending contrary to the statement of FIEO president Ganesh Gupta’s  RS. 20000 crores estimate.

The First phase of refund fortnight was organized between March 15^th   to March 30^th and CBIC cleared refunds totaling Rs. 17616 crore.

SPECIAL REFUND DRIVE-CBIC PAMPHLET