CBIC orders customs refunds & drawbacks

Economy


The Central Board of Indirect Taxes and Customs (CBIC) has begun a country-wide special drive to expedite customs refunds and drawback claims, which are pending as of April 7. The Board issued a directive to all chief commissioners and principal chief commissioners on Thursday.

The directive to field offices follows the finance ministry’s Wednesday order of immediately releasing Rs 18,000 crore in pending income tax, goods and service tax (GST) and customs refunds to individuals and businesses. About 50% of the amount is estimated to be for GST and customs refunds, officials said.

“The focus on refunds and drawback is aimed at providing immediate relief to the business entities, especially MSMEs, which makes it an imperative to ensure that there are no delays,” CBIC said to field offices. Central officers will monitor the refund claim settlement on a daily basis.

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“For facilitation of exporters, all communication should be done over e-mail wherever email id of the applicant is available,” the CBIC said, adding due diligence will be done before sanctioning any refund claims.

The ”Special Refund and Drawback Disposal Drive” will go on till April 30. Issuing the pending GST and Custom refunds will benefit around 1 lakh business entities, including MSMEs.



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