CBIC processed over 12K refund applications involving claims worth Rs 5575 cr since March 30

New Delhi [India], April 18 (ANI): The Central Board of Indirect Taxes and Customs (CBIC) on Friday said that it has processed 12923 refund applications of taxpayers involving claims worth Rs 5575 crore since March 30, 2020.
In the last one week, CBIC has processed 7873 claims worth Rs 3854 crore.
Earlier, CBIC had initiated a measure to help GST return filers to facilitate early ITC (Input Tax Credit) refunds and to ensure that the wrong ITC claims are not processed in the absence of relevant information.
"This measure was taken into effect with GST Council's approval in its 39th meeting held on March 14 to mitigate delays in ITC refunds faced by the taxpayers besides ensuring that fake ITC claims are not processed," CBIC said in a release.
"It had been brought to the notice of GST Council by various stakeholders including the taxpayers. It was noticed that lot of time is spent in the verification of whether the credit was availed on services and/or Capital Goods in certain categories for the refund claims," it added.
CBIC further said that in order to address the difficulty faced by trade in providing this data at the time of processing of claims leading to delays and an increase in compliance cost, it was decided in the GST Council to make a declaration of classification codes a part of the application itself.
The GST Council in the same meeting had also decided to allow bunching of tax periods across financial years to facilitate the claim of refund by exporters. This would apply to applications filed after March 31. It may also be noted that the due date of all such applications which were due during March 20, 2020, and June 29, 2020, has been extended to June 30, 2020. (ANI)