GST Refunds Worth Rs 5,575 Cr Processed Since March 30, Rs 5,204 Cr I-T Refunds Issued in 10 Days

The Central Board of Indirect Taxes and Customs (CBIC) on Friday said it has processed GST refunds worth Rs 5,575 crore since March 30.

Separately, the apex direct tax body Central Board of Direct Taxes (CBDT) said it has issued I-T refunds worth Rs 5,204 crore in last 10 days to small businesses.

In a statement, the CBIC said it has processed 7,873 refund claims worth Rs 3,854 crore last week to facilitate trade and industry so that their refund claims are processed faster.

“CBIC is fully committed to help the GST taxpayers in the present Covid-19 situation. Since March 30, 2020, CBIC has processed 12,923 refund applications involving claims worth Rs 5,575 crore,” it said.

In a separate statement, the Central Board of Direct Taxes (CBDT) said income tax refunds worth Rs 5,204 crore have been issued to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) since April 8.

“Keeping its focus on providing relief to the small businesses in MSME sector, CBDT will further issue refunds of Rs 7,760 crore earliest possible. These income tax refunds would help MSMEs to carry on their business activities without pay cuts and layoffs in Covid-19 pandemic situations,” it said.

Since April 8, the I-T department has issued nearly 14 lakh refunds up to Rs 5 lakh each.

The CBDT said that in around 1.74 lakh cases, responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within 7 days so that the refund can be processed earliest.

These responses can be provided online through the taxpayer e-filing account.

The Finance Ministry had said on April 8 that it will fast track issuance of pending income tax refunds up to Rs 5 lakh, which will benefit around 14 lakh taxpayers, to provide relief to individuals and businesses hit by COVID-19 outbreak.