Central Board of Indirect Taxes and Customs, CBIC has said that over 1,12,000 crore rupees have been paid as Integrated Goods and Services Tax-IGST refunds to exporters.

In a statement, CBIC said, over 83,000 exporters have been benefited by these refunds. It said, this shows the government’s efforts to fast track refunds under GST especially to exporters. As of now, refunds of only 3,604 crores are pending with Customs.

CBIC said that it is using data analytics to identify risky exporter entities that take input tax credit fraudulently and monetize it by paying IGST and taking refund. Such exporters are being subject to KYC and verification process before the grant of refund. #casansaar (Source - NewsOnAir)