Page 13 - Banking Finance September 2018

GST UPDATE

GST: Rs.54,378-cr ex- GST audit
porter refunds cleared till The GST audit of e-commerce companies ordered by the
National Anti-profiteering Authority is stuck over the is-
July end sue of jurisdiction, as the Central Board of Indirect Taxes

GST refund claims of Rs 54,378 crore and Customs(CBIC) is of the view that the NAA has no
of exporters powers to give such directions, an official said.
have been
cleared by Centre extends suspension of reverse-charge mecha-
the Centre nism under GST by one year
and state tax
officials till The Centre has extended the suspension of the reverse charge mechanism on
July end, the finance ministry said. purchase of goods or services by registered dealers
from unregistered dealers. The suspension was earlier
As of July 31, 2018, the total amount valid till September 30 this year. However, this has
of Integrated GST (IGST) refund been extended by one year. The suspension would now
claims disposed by CBIC is Rs 29,829 be valid till September 30, 2019, the Central Board of
crore, taking the disposal rate to 93 Indirect Taxes and Customs (CBIC) has said.
per cent. Besides, Rs 24,549 crore
has been paid on account of Input This is not the first time such dispensation is being extended. This suspension
Tax Credit (ITC) to exporters who was earlier available till March 31, 2018, and then extended to June 2018 and
claimed refund by filing RFD-01A. then to September 30, 2018. It has now been extended to September 30, 2019.
With this, any registered dealer can purchase goods or services from unregistered
Of this, the Central Board of Indirect dealers without forking out GST under reverse charge till September 30 next year,
Taxes and Customs (CBIC) has cleared tax experts said. This move will bring significant compliance relief to large busi-
Rs 16,074 crore, while the state au- nesses and encourage them to buy from unregistered dealers, they added.
thorities have refunded Rs 8,475
crore.
GST Collection in July Rises to Rs.96483 cr
"The CBIC has successfully concluded Revenue collection under the Goods and Services Tax (GST) stood at Rs. 96,483
the Third Refund Fortnight from July
crore in July, the government said. That marked a sec-
16-31, 2018. Till July 31, 2018, the to-
ond consecutive month in which the GST revenue col-
tal GST refunds disposed by the Cen- lection crossed the Rs. 95,000 crore mark. The govern-
tre and the States are to the tune of ment said the revenue was broadly on expected lines
Rs 54,378 crore," the finance minis- and that Rs. 3,899 crore was released to the states as
try said in a statement.
GST compensation for the months of April and May.
During the third refund fortnight, the
The GST revenue collected till July 31 was for the month of June and it was
IGST refunds of amount Rs 3,391
significantly higher than the average monthly collection of Rs. 89,885 crore
crore have been sanctioned by CBIC.
during 2017-18. It was also higher than Rs. 95,610 crore collected in June (for
"The remaining GST refunds pending the month of May).
with CBIC will continue to be pro-
cessed expeditiously. However, the New GST Tribunal on Cards
exporters are requested to ensure
A new Goods and Services Tax Appellate Tribunal, GSTAT, will soon be set up for
that the correct procedure of filing goods and services tax (GST), reports Deepshikha
returns, giving accurate information Sikarwar. The GST council has approved creation of a GST
in Shipping Bill and submitting appellate tribunal with a national bench and three re-
RFD01A Application Forms to the ju- gional benches. This will help provide a higher judicial fo-
risdictional formations are followed rum for the businesses for redressal of their disputes.
for quick disbursal of their GST re- "The proposal has been approved by the council," said a
fund claims," the ministry added.
senior government official, privy to the deliberations of the Council.

BANKING FINANCE | SEPTEMBER | 2018 | 13