Finance Ministry cuts refund claim acknowledgement period to 10 days
Good news for businesses: the Finance Ministry has said the refund claim acknowledgement period will be cut from 15 days to 10.
If you don't hear back in those 10 days, your claim gets automatically acknowledged: no more waiting in limbo.
The move is all about getting money back into businesses' hands quicker.
GST refunds 90% in 3 days
Now, 90% of your refund will hit your account within three working days (down from seven), and any extra cash in your GST ledger will be refunded automatically: no paperwork or chasing officers needed.
Exporters especially stand to benefit, with new rules allowing refunds on GST paid on input services for credits availed from November 1 and spreading plant and machinery refunds over five years starting April 2027.
Industry folks are calling it a much-needed boost for smoother business operations.