GST Council meeting: Businesses can now get 90% of claimed refunds in 13 days
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The GST Council said on Thursday that businesses can now get 90 per cent of eligible refunds within 13 days.
- ✓This change aims to speed up the process and ease working-capital pressures.
- ✓Pratik Jain said, "Automated payment of 90 per cent of refunds will allow businesses to put the money back."
Story at a Glance
- Category
- MARKET
- Reported By
- Business Line
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Businesses will now be able to get 90 per cent of eligible GST refunds within 13 days. This was one of the several changes recommended by the GST Council on Thursday to speed up the refund process. The changes also allow refunds on input services and some capital goods under the inverted duty structure.
The Finance Ministry said the time for acknowledging a refund claim will be cut to 10 days from 15. If no acknowledgement or deficiency memo is issued within that timeframe, the claim will be treated as acknowledged. The system, based on a risk assessment, will then sanction 90 per cent of the claim within three working days, instead of the current cycle of seven days.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Business Line
Read the full, original unfiltered story directly on the publisher's portal.