The government has decided to speed up the input tax refund to exporters. As per Rule 91 of CGST Rules, 2017, 90 % of the refund amount claimed shall be granted on a provisional basis within a period not exceeding 7 days from the date of acknowledgement of the refund claim. Further, as per Section 54(7) of the CGST Act, 2017, the final order for granting refund shall be issued within 60 days from the date of receipt of the complete application. Out of total taxpayers under GST, 64% who were already registered under the previous tax regime have transitioned to GST as on 02-03-2018. However, no specific study has been undertaken on the impact of the said transition. The Minister of State for Finance further has stated that, the processing of the refund claim is being done after the claimant has filed the GST return and the grant of the refund shall be within 60 days from the date of receipt of the complete application.
[Source: Press Information Bureau]
MINISTRY OF FINANCE