GST Council cuts refund processing to 13 days
In short
The Finance Ministry said businesses can now get 90% of their claimed GST refunds in 13 days. It also said the time to acknowledge a refund claim will be cut to 10 days from 15.
This could speed up cash flow for businesses that wait on refunds. The reporting does not say when the new process starts or whether every refund type is included.
What the reporting says
The Finance Ministry said businesses can now get 90% of claimed GST refunds in 13 days, after a GST Council meeting. BusinessLine’s summary also says the acknowledgement time for a refund claim will be cut to 10 days from 15. The reporting does not say when the change takes effect or whether all refund categories are covered.
Why it matters
The Finance Ministry said businesses can now receive 90% of claimed GST refunds in 13 days, following a GST Council meeting. It also said refund-claim acknowledgement will be cut to 10 days from 15. The change should help firms get cash back faster, but the reporting does not state the rollout date or any limits on the new process.