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Next-Gen GST to Boost Business: Return, Refund, Tax Credit Rules to Be Simplified; Meeting Oct 7.
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News18•05-10-2026, 11:04
Next-Gen GST to Boost Business: Return, Refund, Tax Credit Rules to Be Simplified; Meeting Oct 7.
- •For India to become a developed economy, small and mid-level industries need to be strong, prompting continuous changes to the GST system.
- •Next-Gen GST aims to simplify tax rates and ease compliance for businesses, with new rates effective from September 22, 2025.
- •Finance Minister Nirmala Sitharaman states GST reforms can provide relief to families and boost business, with states playing a crucial role.
- •Gross GST collection between April and September 2026 reached ₹12.46 lakh crore, an 11.6% increase from the previous year.
- •New proposals for registration, returns, refunds, dispute resolution, and input tax credit will be presented to the GST Council on October 7.
Key Questions Answered
The GST Council is set to review new proposals on October 7 regarding registration, returns, refunds, dispute resolution, and input tax credit to simplify compliance for businesses.
Between April and September 2026, the gross GST collection reached ₹12.46 lakh crore, marking an 11.6% increase compared to the same period in the previous year.
During the period from April to September 2026, the government issued approximately ₹1.80 lakh crore in GST refunds to help businesses plan purchases and production.
