CBIC to observe Third Refund fortnight to clear pending refunds

CBIC, in compliance to its commitment towards “Ease of Doing Business” is going to observe Third Refund Fortnight starting from 16th July 2018 to 31st July 2018. In its recent press release, CBIC has stated that in the first refund fortnight held in the month of March 2018 (15th March to 31st March 2018), Rs. 4265 crore IGST refunds and Rs. 1136 crore ITC refunds were sanctioned by the field formation of CBIC. Similarly, during the second refund fortnight, Rs. 6087 crore IGST refunds and Rs. 1548 crore ITC refunds were sanctioned by the CBIC. In case of IGST refunds for goods exported out of India, the percentage of the amount of refund claims disposed by CBIC is already more than 90%.

The press release issued by CBIC on 16th July 2018 is as follows:-



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