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11 crore unaccounted Arecanut stocks found in raids by Bengaluru South Zone enforcement at 13 places in Shivamogga and Sagara

    

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Phillips India held guilty for profiteering and not passing the benefit of GST to customers: NAA

    

No Export or Import of goods without physical movement of goods: Says AAR

    

Kraft paper honeycomb boards or paper honeycomb boards to be classified under HSN 48089000 instead of 48081000 : Says AAR

    

Work contract services provided to National Centre for Biological Sciences (NCBS) to be taxable at 18% GST and not 12% GST: Says AAR

    

CBIC tweet for consideration of GST late fee waiver for past period from Aug 2017 to Jan 2020

    

Next GST Council Meeting likely to happen on June 14

    

Principles of natural justice not followed by officer. Assessment order set aside and remitted back for redoing the assessment again on merits of case : Madras High Court

    

Bail Petition of Sh. Rajesh Arora : Rajasthan High Court

    
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Finance Bill

PRESS RELEASE
16th July, 2018

CBIC to observe Third Refund Fortnight to clear pending refunds.

Refunds of GST have been a concern for the Government and Trade for the past several months. In this regard, the CBIC has observed two special drives cum refund fortnights in the Month of March, 2018 (15th to 31st March, 2018) and June, 2018 (31st May to 16th June, 2018) respectively. These refund fortnights have provided a lot of relief to the trade. In the 1st refund fortnight, Rs. 4265 Crore IGST refunds and Rs. 1136 Crore ITC refunds were sanctioned by field formations of CBIC. Similarly, during the 2nd refund fortnight, Rs. 6087 Crore IGST refunds and Rs. 1548 Crore ITC refunds were sanctioned by CBIC. In case of IGST refunds for goods exported out of India, the percentage of amount of refund claims disposed by CBIC is already more than 90%.

However, in order to liquidate pendency further, and to handhold/guide the trade for applying for the refund claims in a proper manner, it has been decided to observe another refund fortnight from 16th July, 2018 to 30th July, 2018. Dedicated refund cells and helpdesks would be provided for exporters to get their refund claims processed, in each Commissionerate.

The exporters and export organizations are requested to take benefit of this opportunity to get their pending refund claims processed. The facility to view reasons for pending IGST refunds have been provided on ICEGATE. As the IGST refund procedure is designed for seamless electronic processing if sufficient and correct details are filed by the exporter, so Export organisations and Export Promotion Councils must come forward to assist exporters in observing the correct procedure to file refund claims and in rectification efforts in the case of errors. 


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Posted by

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on Jul 16, 2018


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