Tax Body asks Officers to Meet GST Refund Target

Source: thenews21.com

Following the promise of Finance Minister Nirmala Sitharaman to clear all pending GST refunds of micro, small and medium enterprises (MSMEs) within 30 days, the Central Board of Indirect Taxes and Customs (CBIC) has encouraged its field officers to make “all possible efforts to successfully realize this target.”

CBIC Chairman Pranab K. Das wrote to tax officers across the country, “We must endeavor to make this refund drive a grand success.” The Chairman has directed the officers to make the process smooth for exporters who are waiting for their pending Integrated GST (IGST) refunds. He also cautioned the officers about risky exporters and asked them to only extend support to genuine exporters.

Furthermore, the field officers are advised to create awareness among traders about errors that result in the delay of refunds and avail the mechanism currently provided to get back their refunds. “However, it may be noted that the facilitation is extended only for genuine exporters, but for the risky exporters, the line of action shall be to safeguard the revenue first,” CBIC Chairman wrote.

GST Refunds within 30 Days

On August 23, as part of the measures to boost the economy and lift business sentiment, Nirmala Sitharaman had said that all the pending GST refunds due to MSMEs till now will be carried out within the period of 30 days. In case of fresh claims of refunds, it will be settled in 60 days in order to ensure that the working capital is not blocked.

One of the top priorities for the indirect tax authority is to enable businesses to file their GST returns for the financial year 2018 by the new deadline of November 30, 2019. The CBIC chief has asked the field officers to extend all possible cooperation to taxpayers for this.