The 47th GST Council meeting was held in Chandigarh on the 28th and 29th of June 2022, where various amendments were proposed in relation to the GST refunds. The meeting was attended by the Finance Ministers of all the states and union territories.
The GST Council is a constitutional body that was formed to make recommendations on important GST-related issues. The Council is chaired by the Union Finance Minister and comprises the Finance Ministers of all the states and union territories.
One of the major highlights of the 47th GST Council meeting was the proposed changes in the GST refund process. The Council has decided to simplify the GST refund process to make it more user-friendly and reduce the time taken for the refund process.
The Council has proposed to set up a single window system for the processing of GST refunds. This system will enable taxpayers to file refund claims and track the status of their refunds online. The single window system will also integrate with the GSTN portal, making it easier for taxpayers to file their refund claims.
Another important change proposed by the Council is the introduction of the ‘refund banker’ scheme. Under this scheme, refunds will be processed and disbursed directly to the taxpayer’s bank account through a designated bank. This will reduce the time taken for refunds and eliminate the need for taxpayers to physically visit the tax department for the same.
The GST Council has also proposed to introduce a new system of provisional refunds. Under this system, taxpayers will be eligible to receive a provisional refund of 50% of the claimed amount within seven days of filing the refund claim. This will help taxpayers to manage their cash flows better.
The Council has also decided to introduce a ‘refund facilitation cell’ to assist taxpayers in the refund process. This cell will provide guidance and support to taxpayers in filing refund claims and resolving any issues related to refunds.
The proposed changes in the GST refund process are aimed at making the GST system more taxpayer-friendly and reducing the compliance burden on taxpayers. These changes will also help to improve the ease of doing business in India.
In conclusion, the 47th GST Council meeting held in Chandigarh on 28th and 29th June 2022 has come up with various amendments in relation to the GST refunds. The proposed changes are expected to simplify the GST refund process, reduce the time taken for refunds, and make the system more user-friendly. These changes will benefit taxpayers and help to improve the ease of doing business in India.
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