New Delhi, Oct. 28 -- The central government has notified major changes to the Goods and Services Tax (GST) framework, introducing faster refund processing, simplified registration for eligible online sellers, lower taxation on retreaded tractor tyres and tighter compliance requirements for scrap transactions, with several key provisions taking effect from November 1.
The amendments, notified by the Ministry of Finance following recommendations of the GST Council, also revise rules governing electronic invoicing, input tax credit, registration and cancellation procedures.
One of the most significant changes reduces the time allowed for acknowledging GST refund applications from 15 days to 10 days. Tax authorities must also communicate any...