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Global Business News

The Economic Times

Global Business / The Economic Times

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GST Council bets on faster refunds, lower penalties to ease business burden

The 57th GST Council meeting has introduced measures to simplify compliance and expedite refunds for businesses. Recommendations include increasing the prosecution threshold and reducing penalties for non-compliance. The proposed framework features faster acknowledgement timelines for claims and provisional refunds for taxpayers. Changes to the inverted-duty structure are set to unlock credits in various sectors including textiles and manufacturing.

9 Oct 2026 3:56 pm