GST Council proposes broader service export definition and faster refunds
The GST Council has suggested expanding what counts as a service export and introducing a risk-based refund system to speed up GST returns.
A proposal from the GST Council aims to widen the scope of service exports, covering more IT, consulting and engineering activities. It also seeks to simplify refund procedures for overseas branches by using a risk-based mechanism. These changes could make it easier for Indian service firms to reclaim input taxes and improve their global competitiveness.
Why it matters
Faster GST refunds and a broader export definition could lower costs and increase competitiveness for India's service exporters.
In this story
GSTservice exportsrefund mechanismrisk-basedIndian IT sectorconsultingengineeringtax competitiveness
