GST refunds of $82,775 crore to exporters cleared

The finance ministry said that GST refund of Rs 82,775 crore to exporters has been cleared as on October 31, which is 93.8% of the total such claims with the tax authorities.

In a statement, the ministry said Rs 5,400 crore worth GST refund is still pending with the government and that is being “expeditiously processed”.

Giving the refunds’ break-up, the ministry further said that Rs 42,935 crore of IGST refunds have been disposed of as on October 31, which is 93.3% of the total such claims.

As much as Rs 3,096 crore worth of IGST refund claims are held up on account of “various deficiencies”, which have been communicated to exporters for remedial action.

With regard to refund of input tax credit claims, the ministry said of the total claims of Rs 42,145 crore, the pendency as on October 31 stood at Rs 2,305 crore.

“Provisional/final order has been issued in case of (ITC) refunds amounting to Rs 34,602 crore. In claims amounting to Rs 5,239 crore, deficiency memos have been issued by respective GST authorities,” the statement said.