: Committed to help GST taxpayers amid COVID19 situation: CBIC #FinanceIndia #StockMarketNEWS Committed to help GST taxpayers amid COVID-19 situation: CBIC New Delhi, Apr 18 (KNN) The Central Board

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Committed to help GST taxpayers amid COVID19 situation: CBIC #FinanceIndia #StockMarketNEWS
Committed to help GST taxpayers amid COVID-19 situation: CBIC New Delhi, Apr 18 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) said that it is fully committed to help the Goods and Service Tax (GST) taxpayers in the present COVID-19 situation, said an official statement.

It also that since March 30, it has processed 12,923 refund applications involving claims worth Rs 5,575 crore to help the GST taxpayers in the present Covid-19 situation.

While in the last week itself, CBIC has processed 7,873 claims worth Rs 3,854 crore.

Earlier, CBIC had initiated a measure to help GST return filers to facilitate early ITC (Input Tax Credit) refunds and to ensure that the wrong ITC claims are not processed in the absence of relevant information.

"This measure was taken into effect with GST Councils approval in its 39th meeting held on March 14 to mitigate delays in ITC refunds faced by the taxpayers besides ensuring that fake ITC claims are not processed," CBIC said in a statement.

"It had been brought to the notice of GSTC by various stakeholders including the taxpayers. It was noticed that a lot of time is spent in verification of whether the credit was availed on services and/or Capital Goods in certain categories for the refund claims," it added.

CBIC said that in order to address the difficulty faced by trade in providing this data at the time of processing of claim leading to delays and increase in compliance cost, it was decided in the GST Council to make declaration of classification codes a part of the application itself.

The GST Council in the same meeting has also decided to allow bunching of tax periods across financial years to facilitate claim of refund by exporters. This would apply to applications filed after 31.03.2020. It may also be not ed that the due date of all such applications which were due during 20th Mar ch 2020 and 29th June 2020 has been extended to 30.06.2020.