As many as 52,720 Integrated
GST (IGST) refund claims are pending for more than one year, Minister of State for Finance Anurag Singh Thakur informed Parliament on Tuesday. The reasons for this pendency include non-submission of required documents by the applicants, he said in a written reply to Rajya Sabha.
A number of companies applied for Goods & Services Tax (GST) refund since the introduction of the tax regime, he said, adding a total of 1,86,158 entities have filed 36,42,272 refund applications, out of which 34,46,010 refund applications have been finalised as on December 2.
In reply to another question, Thakur said the net direct collection for the period from April till November, 2019 stood at Rs 5,56,490 crore whereas for the corresponding period of previous fiscal it was at Rs 5,47,711 crore, which indicates growth in collection.
As per the Budget Estimate, direct tax collection for the current fiscal was pegged at Rs 13,35,000 crore.
Of this, collection from corporate tax was pegged at Rs 7,66,000 crore, while that from personal income tax was pegged at Rs 5,69,000 crore in 2019-20.
Replying to another question, he said, to help customers recover loss sustained on account of fraudulent transactions, RBI has issued instructions providing zero liability of a customer if she or he informs the bank regarding an unauthorized electronic transaction within three working days of receiving information in respect of the transaction from the bank.
The bank shall credit the amount involved in such transaction to the customer's account within 10 working days from the date of information by the customer, he said.
Source: moneycontrol.com