NEW DELHI: In a bid to expedite GST refund clearances to the exporter, the CBEC (Central Board of Excise and Customs) today held a meeting with leading industry and exporters to discuss on GST refunds for clearing the pending dues.
“There are a lot of mismatches in various forms and processes that have been leading to delay in refunds,” said Suranjan Gupta, Additional Executive Director, EEPC India.
The meeting was chaired by P K Das, Special Secretary and Member, CBEC, and included representatives from all major trade and industry and exporters associations.
Sources said the meeting also discussed the exact quantum of pending refunds, as both the FM and the exporters have different figures.
“It is a very dynamic issue as some also get ITC. But the situation is improving,” said another exporter.
According to the CBEC, about Rs. 18,000 crore of GST refunds are pending while exporters have claimed that refunds to the tune of Rs 11,000 crore have been processed.
The Economic Survey 2017-18 had estimated Integrated GST for which exporters have to be refunded at about Rs. 50,000 crore in a full financial year.
The latest meeting with the exporters comes at a time when CBEC holds special refund fortnight between March 15 and March 29 so that all pending refunds can be removed.
He also issued a detailed explanation and instructed the field officers that small data will not return the refunds for mismatches and errors.
The Prime Minister’s Office is also closely monitoring the situation as exporters are struggling with delayed refunds, which has blocked a part of its working capital since July 1, 2017, after rolling out of GST.