NEW DELHI, Aug. 16 -- India's proposed overhaul of the Goods and Services Tax (GST) will speed up refunds for exporters, improve cash flows, and simplify compliance for small businesses as part of reforms aimed at unlocking untapped economic potential, a central government official said on Saturday.

India's efforts to make life easier for businesses, especially exporters, comes as they face headwinds in their largest market, the US, which has slapped additional tariffs of 50%, including a penal rate for New Delhi's energy trade with Russia. On Friday, talks between US President Donald Trump and Russian President Vladimir Putin remained inconclusive in deciding a ceasefire in the Russia-Ukraine war.

"The GST overhaul will result in 90% o...