Gst Refunds

US industry hails India's mini-Budget, proposed reforms to provide stimulus for economy; sees investment atmosphere improving

"As a package, the proposals will strengthen India's position as a global investment destination," US India Business Council president Nisha Desai Biswal said

Nirmala Sitharaman rolls back surcharge on FPIs and domestic investors, announces measures to boost economy

Govt identifies 5,106 'risky exporters' who fraudulently claimed GST refunds based on bogus invoices

The government on Thursday said it has identified 5,106 "risky exporters" so far who have claimed GST refunds based on bogus invoices, and would manually check their claims before issuing refunds

Single authority for sanctioning and processing GST refunds in offing, new structure to come up likely by August

Currently, the time taken to clear refund amount gets longer leading to liquidity crunch for exporters—an issue that the proposed single mechanism for refund clearing intends to fix.

Automated GST refunds for exporters by next month as revenue department plans to introduce faceless scrutiny

Since the GST Network (GSTN) systems are integrated with Customs, hence, refunds are generally transferred to the bank accounts of such exporters within a fortnight.

Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending: Finance ministry

"Total GST refunds to the tune of Rs 91,149 crore have been disposed by CBIC and state authorities out of the total refund claims of Rs 97,202 crore received so far. Thus, the disposal rate of 93.77 percent has been achieved," the finance ministry said.

GST refunds: Finance Ministry refutes 'exaggerated, inaccurate' reports; says actual pending amount is Rs 2,077 cr

While a large number of exporters were granted GST refunds, a few claims are pending due to deficiencies found in claims, the Finance Ministry said.

GST: Finance ministry simplifies tax refund claim process for businesses to ease compliance burden

Easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by simply submitting a printout of 'GSTR-2A' form to tax authorities instead of giving all purchase invoices of a month

Govt must make efforts to implement e-wallet scheme for exporters by October, says Parliamentary Panel

Under the e-wallet mechanism, a notional credit would be transferred to exporters' accounts based on their past record and the credit can be used to pay taxes on inputs.

Finance minister Piyush Goyal counters Amit Mitra's claim on pending GST refunds of exporters

West Bengal finance minister Amit Mitra had recently claimed that a large number of exporters across the country were awaiting refunds to the tune of Rs 25,000 crore, which have been stuck due to the inability of the GST Network