CBIC sanctions Rs 12,639 crore GST refund to exporters

The Central Board of Indirect Taxes and Customs (CBIC) has sanctioned Rs 12,639 crore of refunds to exporters, almost all of the pending amount of Rs 13,000 crore estimated by the government at the start of this month. Out of the total Rs 12,639 crore sanctioned to exporters, Rs 7,632 crore is on account of payment of Integrated GST (IGST) on exports under the goods and services tax (GST) regime,…