CBIC has asked officers to assist firms with tax refund claims
The Central Board of Indirect Taxes and Customs (CBIC) has asked to help firms and merchants complete dues by the end of the month, field officers will assist them in filing tax refund claims.
CBIC has asked field officials in two consecutive letters, sent this Monday and last, to re-examine pending individual tax refund claims in order to process all genuine applications by the end of May. The IRS is now conducting a refund effort to resolve any outstanding debts.
Officers were informed of the actions taken to help clear pending claims, including the rule changes implemented last week that made it easier for firms to correct refund applications.
The move comes at a time when many small firms are experiencing cash flow issues as a result of disruptions in business operations and low demand. Small firms play a critical role in job creation and exports, thus easing their financial issues is critical for the economy to recover. Micro, small, and medium firms make for around a third of India’s gross domestic product, according to official estimates. According to a Mumbai-based entrepreneur who spoke on the condition of anonymity, the tiniest among them have been seriously damaged and have been forced to close shop since the pandemic began.
On the 15th of May, the CBIC began a tax refund push that will last through the 31st of May. The goal is to expedite the processing of all pending GST refund claims. The tax authority notified field officers that certain limits on the generation of e-way bills have been lifted. It further stated that it had cleared about two trillion in tax refunds to over one lakh exporters between July 1, 2017, when GST was implemented, and March 31, 2021. (it comes to an end).
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