ISLAMABAD -- The FedeAral Board of Revenue (FBR) on Monday released Rs22 billion of verified sales tax
refunds to exporters through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system.
The Bureau had issued an advice to the State Bank of Pakistan for making the payment of
refunds to the exporters against 4, 117 refund payment orders issued up to November 8, 2018, an FBR press statement said.
An official release said, "Total GST
refunds to the tune of Rs 91,149 crores have been disposed by CBIC and State authorities out of the total refund claims of Rs 97,202 crores received so far.
Summary: 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.
The Bureau had issued an advice to the State Bank of Pakistan for making the payment of
refunds to the exporters against 4,117 refund payment orders issued up to November 8, 2018, an FBR press statement said here Saturday.
As on 31st July, 2018, in case of RFD-01A refunds, the amount disposed by the CBIC is Rs 16,074 Crore and that by State authorities is Rs 8475 Crore, taking total amount of RFD01A
refunds to Rs 24,549 Crore.
"The retailers will be able to directly issue
refunds to tourists when they are buying the goods subject to the guidelines provided by the FTA.
In an interview, Finance Secretary Carlos Dominguez III said the Duterte administration wants to catch up with other countries and adopt a system that would provide VAT
refunds to foreign tourists who purchase local goods and bring them out of the Philippines.
We had numerous students requesting
refunds to be overnighted to them.
While many taxpayers rely on their
refunds to help cover basic living expenses, these disbursements also represent the only opportunity for many low- and moderate-income households to consider savings.
Taxpayers can continue to use the direct-deposit line on Form 1040 to send their
refunds to one checking or savings account electronically.
The core issue in this case is whether denying
refunds to taxpayers who have overpaid ad valorem property taxes in reliance on government prepared and issued tax bills violates the Due Process Clause of the Constitution.
While this rule might eliminate the inequities perceived by the Fourth Circuit of the two-year look-back period, the court felt that a greater inequity would result by denying
refunds to timely filers who had not previously filed a claim for refund with the IRS.
Delaying these property tax refunds is another fiscal game the city has been playing off and on for years, but this year city officials have come up with tactics that have stretched out the
refunds to unheard of time periods.
During the 1993 filing season, the IRS updated its questionable refund detection program, increased the number of criminal investigators trained to review potentially fraudulent returns and delayed dubious
refunds to allow more time for investigation.
