Like the ongoing campaign to settle Customs Duty and refund claims, CBIC has started a 15-day special program on GST refunds.
The Central Board of Indirect Taxes and Customs (CBIC) has started a special campaign to dispose of all pending Goods and Services Tax (GST) refund claims by the end of this month. Like the ongoing campaign for settlement of Customs Duty and Duty Refund Claims, CBIC has started a 15-day special program on GST withdrawal.
The CBIC has directed all the Principal Tax Commissioners to pay attention to timely settlement of pending GST claims to provide immediate relief to companies, especially Micro, Small and Medium Enterprises (MSME) during the difficult times of the second wave of Corona virus epidemic.
The board said, it is directed that a special GST withdrawal settlement campaign should be conducted from May 15, 2021 to May 31, 2021 for settlement of all pending GST refund claims on priority basis.
The CBIC also said that the GST law gives 15 days time to issue a letter regarding approval or deficiency. Along with this, 60 days have been got for settlement of claims of refunding the amount without any interest.
Special Refund and Drawback Disposal drive by Indian Customs to ease liquidity of MSMEs / Exporters during COVID19. pic.twitter.com/7KSjkxMcNW
— Office of Mr. Anurag Thakur (@Anurag_Office) May 15, 2021
Refund claim will be settled by 31 May
The board said, however, that it is expected that all concerned central tax authorities will take the disposal of all pending GST refund claims on priority basis and that they should try to settle it before the stipulated time. It should be kept in mind that after receiving the refund claim application, it should be settled within 30 days.
It is expected that under this special campaign all GST refund claims will be settled by May 31, 2021.
The tax authorities will coordinate with the leading trade and industry organizations, especially MSME-affiliated organizations in this context, so that taxpayers especially submit necessary documents / responses of taxpayers (if the claim is stuck due to lack of necessary documents or not responding to notar, etc.). So that they can be helped.
read this also- Money up to 5 lakh rupees will be safe due to sinking of banks, government can introduce amendment bill in DICGC Act in monsoon session
read this also- Big news for those who invest in PPF, NSC and Sukanya Samriddhi, profits may decrease from July 1