40, 896 return applications processed under the GST system :  Sudhir Munguntiwar

Mumbai, 27/8/2019 : Finance Minister Sudhir Munguntiwar gave the information that the Government has processed 40 thousand 896 applications worth Rs. 9888 crore under the GST system.  The Government has received Rs. 11, 507 crore’s 43 thousand 089 return applications among which 95% applications are processed.

            Shri. Munguntiwar said that having a system that distributes easily and timely refund is a specialty of an active administration.  He further said that it helps in the availability of funds for free capital, business expansion, and modernization of the business.

Refund Cases

            GST Act has the provision to give returns on additional pending cases of cash accounts, goods and service export, supplies to SAZE units and SAZE developers, supplies that are deemed exports by the law, refund on goods bought by United Nations or Embassy, refund of input tax credit that is credited in the bank due to buying tax is more than sales cost, refund of mistakenly submitted extra tax.

Online applications for Refund

A standard application format is prescribed for filing return and it can be submitted online.  It has resulted in less reduced direct communication between taxpayer and tax-officer. A billing statement attached to every filed return is enough.  There is no need to attach actual bill receipts, informed the Finance Minister.

Manual system for GSTN

Provisions are made to file return applications manually until the returned Module is activated on GSTN portal.  Finance Minister said that Maharashtra is a leading state in the country to provide businesspersons maximum possibilities using information & technology. He expressed the belief that the whole process will soon become online.

Refund on exports

The refund is approved in 60 days period from the time of refund application filed.  90% tax is refunded in seven days and remaining 10% tax refund is given in 60 days from the date of duly and completely filed applications.

Firm solution

CGST, IGST, and SGST are included in approved refund.   These refunds are distributed separately by Central and State officers as account treasuries are separate for final distribution.  Shri. Munguntiwar told that GST Council is trying to find a firm solution on this issue so the delay in approval of refund can be avoided.