Move will help sanction and process refunds faster; may boost exports
Banks will also have to return all documents within 15 days of a loan closure, helping borrowers whose mortgaged assets are tied up
Also, in future, all GST refunds of micro, small and medium enterprises (MSMEs) will be paid within 60 days from the date of application, the FM announced
In future, all GST refunds of micro, small and medium enterprises will be paid within 60 days from the date of application
Saraf Natural Stone, a partnership firm, had filed a claim of GST refund. However, there was substantial delay by the authorities in granting of refund
The case pertains to UltraTech Cement, which sought clarity over the possibility of GST refund in the case of discount offered to its dealers after sale
The prime reasons why refunds have been delayed are mistakes by taxpayers in filing returns, and mistakes by exporters in furnishing details in shipping bills
Keeping exporters' GST refund pending reflects govt's indifference: Mohandas Pai
Special Refund Fortnight" to be organised from May 31 to June 14 in which Center and state GST officers will strive to clear all GST refund applications received on or before April 30, 2018