Thu, 15 Oct, 2026, 02:28 pm
Reported by The Blunt Times
SURAT: In a major relief for Surat’s textile industry and transporters, the 57th GST Council meeting has approved changes aimed at unlocking blocked tax credits, curbing arbitrary highway inspections...
The decisions address long-standing concerns of the man-made fibre (MMF) textile value chain, where accumulated input tax credit (ITC) under the inverted duty structure has locked up working capital for businesses.
SGCCI President Ashok Jirawala welcomed the measures, saying the government had responded to the industry’s concerns over blocked funds and unnecessary vehicle checks.
The government has responded with great sensitivity to the representations made by the Chamber regarding the release of working capital for the textile industry and the prevention of unnecessary harassment of vehicles on highways,” Jirawala said.
According to SGCCI, the Council has approved refunds of accumulated ITC on input services from November 1, 2026, in eligible cases involving inverted duty structures and zero-rated supplies. Refunds relating to capital goods are scheduled to begin from April 1, 2027, with the amount distributed over 60 months.
