GST reforms: 38,700 exporters to get faster refunds, wider access to input tax credits

Almost 38,700 export taxpayers will become eligible to claim cash refunds on input taxes paid on services and plant and machinery, directly addressing the long-standing issue of working capital being locked up under the indirect tax framework. The GST Council also changed the refund process, wherein 90% of the claim will be released automatically based on a risk check, while the remaining amount will be paid after the usual verification.

Nearly 38,700 export taxpayers will become eligible for cash refunds on input taxes paid on services and plant and machinery under GST reforms. The Council also approved automatic release of 90% of refund claims after risk checks, faster acknowledgements and wider export benefits for service providers and manufacturers.

Summarised by Agaah from Economic Times. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.