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

Economic Times - Oct 9, 2026

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.

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