Service sector to working capital – key gains from GST process reforms
The Goods and Services Tax (GST) Council recommended significant process reforms that will benefit the service sector and unlock working capital for various companies. Key changes include amendments to Section 54(3) of the Central Goods and Services Tax Act, allowing refunds on accumulated input tax credit for capital goods over 60 months starting April 2024, and for input services from November 1, 2026.