GST Council eases business burden with faster refunds and lower penalties

economictimes.indiatimes.com —

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. Tax experts flagged potential legal challenges to a proposed provision validating multi-year notices, while noting the shift towards proportionate enforcement and greater taxpayer confidence.


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