GST reforms: 38,700 exporters to get faster refunds and wider input tax credits

Under new GST reforms, approximately 38,700 export taxpayers will become eligible for cash refunds on input taxes paid on services, plant and machinery. The changes aim to improve liquidity for exporters and reduce compliance burden.

The GST Council has approved automatic release of 90% of refund claims after completing risk assessment checks. The reform also includes faster acknowledgements of refund applications and an expedited processing timeline.

The widened export benefits extend to both service providers and manufacturers, enhancing their competitiveness in global markets. These measures are designed to streamline the refund mechanism and provide faster cash flows to export-oriented businesses.