GST department clears refunds of â‚¹82,775 crore
As one of the most burning issues in GST, the process of claiming and disbursing of GST refunds has truly gained momentum. The exporters have been increasingly claiming their refunds of IGST attracted by the exports conducted by them. Most of the refund claims of IGST input credit from these exporters pertain to the period above one year since the GST regime has been introduced in India.
The GST authorities have indubitably responded deliberately and effectively to the refund claims. Very importantly, the GST department has made frequent modifications in the GST provisions with respect to the GST return filing procedure. Important alterations have also been made on the GST portal in order to speed up the process of disbursing refunds of GST input credit to all the individuals having GST registration.
These noteworthy measures have worked effectively and have tremendously paced up the refund process. The Central Board of Indirect Taxes and Customs (CBIC) has reported in this regard that 31st October 2018, an aggregate amount of GST refunds to the tune of â‚¹82,775 crore have been disposed of to the individuals having GST registration.
#1. How fast has been the GST refund procedure?
It has been reported by the CBIC that out of the total refund claimed by the traders and exporters having GST registration, which amounts to â‚¹88,175 crore, over â‚¹82,775 crore has been already disbursed during the previous month. This clearly shows that the disposal rate has risen to 93.8% approximately.
#2. What is meant by the disposal rate?
In GST, the term “disposal rate” refers to the rate at which the actual amount of GST refunds have been disbursed or disposed of out of the total amount of GST refunds claimed.
#3. How far has the disposal rate risen?
There were concerns being raised about growing pendency of GST Refunds. Apart from the authorities, the exporters have also reassured that they have faced no glitches in the sanctioning of GST refunds claimed by them. The disposal rate is consistently improving on a monthly basis.
#4. What is the reason behind the increase in the disposal rate?
In the past one month or so, the GST department has made innumerable and notable alterations in the GST portal with regard to the availing of refund of Input Credit. Moreover, the GST authorities have also made continuous amendments in the GST provisions so as to ease the process of disbursal of the IGST refunds.
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