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Big GST Boost: Fast-Track ITC Refunds In Just 7 Days For Verified Taxpayers, Says CBIC Chairman

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Big GST Boost: Fast-Track ITC Refunds In Just 7 Days For Verified Taxpayers, Says CBIC Chairman


New Delhi: The GST Council has approved major reforms to speed up refunds and ease compliance for businesses. According to Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), identified and risk-evaluated taxpayers will now be able to receive GST refunds within seven days—without any officer’s intervention.

Speaking to IANS, Agarwal explained that since exports are treated as zero-rated supplies under GST, exporters typically claim refunds of accumulated input tax credit (ITC). “Under the new framework, refunds for such taxpayers can be processed automatically within a week,” he said.

Agarwal also highlighted that the GST registration process has been further simplified, particularly for small businesses and low-risk applicants. Companies estimating an input tax credit of less than Rs 2.5 lakh can now opt for a simplified registration, which will be granted automatically within three working days. Businesses can later shift to normal registration as they grow, based on risk analysis.

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The Centre has also rationalised GST rates, scrapping the 12 percent and 28 percent slabs while retaining the 5 percent and 18 percent slabs to make the tax structure simpler.

In another major relief for e-commerce exporters, the GST Council has approved the Directorate General of Foreign Trade’s (DGFT) proposal to eliminate the value threshold for GST refunds on low-value consignments. Once the CGST Act, 2017, is amended, exporters will be able to claim refunds on shipments with payment of tax, regardless of the consignment value.

This long-awaited move is expected to greatly benefit small exporters, especially those using courier or postal channels, by simplifying procedures and boosting low-value e-commerce exports, the Commerce Ministry said.

 



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’Not far apart on tariff deal’: Trump’s India ambassador nominee says issues to be resolved ‘in weeks’; calls India a strategic partner – The Times of India

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’Not far apart on tariff deal’: Trump’s India ambassador nominee says issues to be resolved ‘in weeks’; calls India a strategic partner – The Times of India


The US ambassador-designate to Delhi, Sergio Gor, emphasised that India’s role as a strategic ally will influence regional and international developments. (AI image)

US President Donald Trump’s nominee to be the American ambassador to India, Sergio Gor has said that India-US trade deal issues will be sorted within weeks. At a Senate committee hearing for the position of US ambassador to India, Gor said, “We’re not that far apart on a deal on these tariffs.The US aims to settle the dispute with India in the coming weeks regarding penalties enforced on Russian oil purchases, according to the senior American diplomat.“I do think it will get resolved over the next few weeks,” Sergio Gor said during his Senate committee hearing, according to an AFP report.“We’re not that far apart on a deal on these tariffs”, he said. Gor, who presently leads the White House Presidential Personnel Office, is a trusted associate of Donald Trump.The US ambassador-designate to Delhi, Sergio Gor, emphasised that India’s role as a strategic ally will influence regional and international developments, whilst affirming his dedication to strengthening America’s interests in this crucial partnership.President Donald Trump’s decision last month to elevate Gor, who serves as Director of Presidential Personnel, to the position of US Ambassador to India and Special Envoy for South and Central Asian Affairs, marks a significant appointment.

Sergio calls India a strategic partner for US

Gor said, “India is a strategic partner whose trajectory will shape the region and beyond. Under President Donald Trump’s strong leadership, I’m committed to advancing America’s interest in this important partnership.”Upon confirmation, Gor, at 38 years of age, will become the youngest US representative to serve as ambassador to India.He highlighted India’s significance, noting that its geographical location, economic development and military strength are essential for regional stability and vital for promoting shared security interests between both nations.Secretary of State Marco Rubio, who introduced Gor, noted, “who is the nominee to India, which is, I would say, one of the top relationships the US has in the world today, in terms of the future, what the world is going to look like.”Acknowledging Rubio’s introduction, Gor reinforced that India represents one of America’s most significant global relationships.He outlined his objectives, stating, “If confirmed as ambassador, I will work to deliver on the presidential agenda and advance US interests by increasing our defence cooperation, ensuring fair and beneficial trade, deepening energy security and furthering technology.”





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London Underground seeks union talks in bid to resolve pay dispute

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London Underground seeks union talks in bid to resolve pay dispute



London Underground has invited union leaders to talks next week in a bid to resolve a dispute over pay and hours which led to strikes.

The company said it wanted to hold talks next Wednesday.

Tube services are expected to return to normal by late morning on Friday after the strikes which have caused travel chaos all week.

Members of the Rail, Maritime and Transport union (RMT) walked out, leading to services been crippled since Monday with few underground trains running.

Commuters have switched to buses, bikes or trains not affected by the dispute to get to and from work.

London Underground said there will be no service before 8am on Friday, with normal service on all lines by late morning.

The Docklands Light Railway will be running a normal service after it was hit by a strike over a separate issue on Thursday.

An RMT source said: “This is a step in the right direction from TfL (Transport for London) and has only occurred due to the industrial pressure from RMT members this week.”

Commuters trying to get home on South Western Railway also suffered delays due to a tree blocking the railway between Clapham Junction and Earlsfield, which led to some lines towards Wimbledon being blocked.

SWR said it expected there may be cancellations, delays or alterations to services until 8pm.

SWR services towards Putney were also blocked because of a fault on a train at Clapham Junction, with delays or alterations expected until 6pm.



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SpiceJet Delhi-Kathmandu Flight Returns After Suspected Fire, Later Cleared To Fly

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SpiceJet Delhi-Kathmandu Flight Returns After Suspected Fire, Later Cleared To Fly


New Delhi: A Kathmandu-bound SpiceJet flight faced a suspected tailpipe fire at Delhi airport on Thursday but safely returned to the bay. The incident involved flight SG041, which was being operated with a Boeing 737-8 aircraft. The flight was scheduled to leave in the morning but was delayed for more than four hours.

According to the airline, another aircraft on the ground reported a suspected tailpipe fire, prompting the pilots to return as a precautionary measure. SpiceJet said there were no warnings or alerts in the cockpit during the incident. The aircraft was later inspected thoroughly by engineers, and no abnormalities were found.

“On September 11, a SpiceJet aircraft scheduled to operate from Delhi to Kathmandu returned to bay after another aircraft on the ground reported a suspected tailpipe fire,” the airline said in a statement. “No warnings or indications were observed in the cockpit, but the pilots decided to return as a precautionary safety measure,” it added.

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The aircraft underwent detailed engineering checks, and no abnormalities were found. The aircraft was subsequently cleared for operations and has already landed in Kathmandu, the spokesperson mentioned. SpiceJet assured that the decision to return was taken only to ensure safety. The number of passengers on board was not immediately known.

A tailpipe is the exhaust pipe of a jet engine, and a tailpipe fire, also called an internal fire, can occur within the normal gas flow of the engine. Such incidents typically happen on the ground, either during engine start-up or shutdown, according to aviation safety platform SKYbrary.

Despite the scare, officials confirmed that the aircraft was safe and ready to resume operations after checks. The shares of the airline closed at Rs 33.64, up Rs 0.58 or 1.75 per cent, on the National Stock Exchange (NSE) on Thursday.

In the last five days, the shares have fallen by Rs 1.82 or 5.13 per cent. However, in the past one month, the stock has risen by Rs 1.96 or 6.19 per cent. Over the last six months, the stock has declined by Rs 15.41 or 31.42 per cent.



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