Special Refund Fortnight will be organised from May 31 to June 14 in which Centre and state GST officers will strive to clear all GST refund applications received on or before April 30, 2018,” the government tweeted from the official handle for GST-related matters.
Special Refund Fortnight, the Central Board of Indirect Taxes & Customs “Special Refund Fortnight” to be organized from 31.05.2018 to 14.06.2018 in which Center and State GST officers will strive to clear all GST refund applications received on or before 30.04.2018.
All claimants are encouraged to approach their jurisdictional tax offices during the “Special Refund Fortnight” to clear any pending GST refund claims which were submitted on or before 30.04.2018.
All claimants may please note the refund application in FORM GST RFD-01A will not be processed unless a copy of the application is submitted to the jurisdictional tax office along with supporting documents. Mere online submission is not enough.
The “Special Refund Fortnight” is for all GST refunds, including the refund of IGST paid on export of goods and all refund claims submitted in FORM GST RFD-01A on or before 30.04.2018.
according to FIEO, As much as Rs 20,000 crore is pending with the government on account of GST (Goods and Services tax) refund, creating liquidity crisis for exporters Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said the delay in refund is mainly impacting small exporters who provide jobs in labour-intensive sectors. While, In the first phase of refund fortnight observed between March 15 to March 30, the Central Board of Indirect Taxes and Customs (CBIC) had cleared refunds of Rs 17,616 crore. This comprised Rs 9,604 crore of Integrated GST refunds, Rs 5,510 crore ITC refund by the Centre and Rs 2,502 crore ITC refund by states.
The provision that 90 % of ITC refund will be issued within seven days is not being implemented by tax authorities. Some of the states say that they do not have funds to clear the refund.