Goods and Services Tax – GST – Dated:- 30-5-2018 – Refunds of GST have been a concern for both the Government and Trade for the past several months. Till now, the Government has sanctioned more than ₹ 30,000 crore as GST Refund. This includes an amount of ₹ 16,000 crore of IGST and ₹ 14,000 crore of ITC. The figures of ITC include sanction by both the Central and State Governments. Contrary to the press reports that there has been a dip in refund sanction after the first Refund Fortnight in March 2018, the refund sanctioned during May 2018 is to the tune of ₹ 8,000 crore. Refund claims to the tune of ₹ 14,000 crore (Rs.7,000 crore on the IGST side and ₹ 7,000 crore on account of ITC) are pending with the
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e mistakenly declared their export supplies as domestic supplies, would now be transmitted to Customs EDI System. A Circular No 12/2018 dated 29-05-2018 has been issued in this regard. On receipt of the records from GSTN, the Customs System would automatically process the refunds for sanction, if no other errors are committed by exporters. Circular No 45/19/2018-GST has been issued on 30-05-2018 clarifying matters related to refund claims by an Input Service Distributor, composition dealer, exports of services and supplies made to SEZ. The circular also clarifies issues related to requirement of LUT in cases of export of exempted or non-GST goods and scope of restriction imposed under Rule 96(10). All claimants may note the refund applicati
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