Most GST refunds may be processed within 17 days
The GST Council intends to shorten the refund processing period to around 17 days for businesses. It will also work to automate registering for a GST number to speed up the process. For small businesses operating in multiple states, avoiding repetitive registrations will be considered. Additionally, the proposal includes eliminating physical verification for registration cancellations. Changes…
The GST Council aims to reduce the GST refund processing period to approximately 17 days, comprising a maximum of 10 days for acknowledgement and seven days for processing, according to officials. Currently, acknowledgement can take 21-45 days, and the focus is on expediting refunds. Additionally, the council plans to streamline the process of registering for a GST number through automation, reducing the time for the remaining 39% of applications.
For businesses operating in multiple states, the council will explore options to bypass the registration process if the seller has an authorized warehouse as a place of business. In case of cancellation, the government intends to rely on trust-based verification instead of physical inspections. The government also seeks to broaden input tax credit eligibility to cover various services like insurance, vehicle usage, and more.
These measures, including changes in the invoice matching system, aim to enhance efficiency and identify fraudulent credits promptly.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
