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As a consequence of the rescission of SRO 1125(I)/2011, which allowed zero-rating of inputs of five export-oriented sectors, FBR had committed with the exporters of said sectors - textiles, leather, carpets, sports goods and surgical goods - that refunds shall be paid to them within 72 hours of filing of the refund claim.
It is worth mentioning here the FBR last week had claimed that it will now pay sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters of five sectors within 72 hours of submission of refund claims.
Chief Policy said that the system has the capacity to process about Rs15-20 billion refund claims, adding that it would also help in overcoming the fake invoices and flying invoices.
Each refund claim will be processed by the RMS and the data will be scrutinised and verified by the system and the payable refund amount will be determined on the basis of input consumed in exports or supplies.
The tax refund company received a complaint from a traveller that the amount hadn't been refunded onto his credit card.
"I did still get a small refund, but compared to what I was expecting from previous years, it was shock."
PIAF chairman informed that sales tax refunds of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax refund through promissory notes by the government would boost the business of the textile and allied industries.
He said that sales tax refunds of over Rs 125 billion belonging to the textile sector are pending with the government and the timely clearance of sales tax refund through promissory notes by the government would boost the business of the textile and allied industries.
You pay the VAT when you import or you buy a product, and then when you export, you get a refund,' he added.
Aside from reforms in the VAT refund system, the law also implemented cuts in the personal income tax rates of individual taxpayers.
In case of IGST refunds, about 95 percent (Rs 48,455 crores) of the total IGST refund claims (Rs 50,928 crore) transmitted to Customs from GSTN as on 28.11.2018 have already been disposed.
New Delhi [India], Dec 3 ( ANI ): The Centre on Monday said Goods and Services Tax (GST) refunds to the tune of Rs 91,149 crores have been disposed by the Central Board of Indirect Taxes and Customs (CBIC) and state authorities out of the total refund claims of Rs 97,202 crore received so far, thus implying a disposal rate of 93.77 per cent.
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- Refugio County
- Refugio County, Texas
- Refugio County, TX
- Refugio Nacional de Vida Silvestre Gandoca-Manzanillo
- Refugio State Beach
- refund (some money) to (someone)
- Refund Annuities
- refund annuity
- Refund Anticipation Check
- Refund anticipation loan
- Refund Feature
- Refund Intercept Request
- refund it to
- Refund of deposit
- refund of deposit by landlord
- refund something to
- Refund Statute Expiration Date
- Refund Support Vocations Program
- refund to
- Refund Transfer Direct Deposit
- Refund, Tax
- Refund-Anticipated Return
- Refund/Fact of Filing
- Refundable Child Tax Credit
- Refundable Credit
- Refundable Credits
- Refundable Dividend Tax on Hand
- Refundable Modem Return Fee
- Refundable Security Deposit