Income Tax dept clears Rs 7,000-cr GST refunds of exporters

Over Rs 7,000 crore or half of the pending GST refunds of exporters has been cleared in the first nine days of the ongoing special refund fortnight. "More than Rs 7,000 crore of IGST/ ITC refunds sanctioned till now during the ongoing Special Refund Fortnight," the Central Board of Indirect Taxes and Customs (CBIC) said in a tweet late last night. It asked exporters and traders to visit their jurisdictional GST office or Customs House/Port and settle pending claims during the Special Refund Fortnight from May 31 to June 14, 2018.

About Rs 14,000 crore of refunds of exporters were stuck due to various mismatches and CBIC has organised the special fortnight to fast track clearances. 

The CBIC has also allowed clearance of GST refunds based on PAN of exporters if such refunds are held up due to mismatch in GSTIN mentioned in shipping bill and return forms.