Proposed GST changes positive for business: Experts

NEW DELHI: Tax experts see the proposed changes to the GST regime - that will now be discussed on Thursday -- as positive for businesses, helping reduce the working capital requirement and eventually benefit buyers."It is expected that businesses may be entitled for refund of accumulated GST on input services and capital goods, which is currently restricted to raw material. It is also expected that 90% of the refund claimed will be granted on a provisional basis within seven days. These proposals alone can relax the working capital stress in the range of 2-4% for manufacturers, eventually helping businesses reduce the product prices and invest funds back into business," said Pratik Jain, partner at consulting firm Price Waterhouse & Co.Refunds and limited use of accumulated input tax credit (ITC) have been two major concerns for businesses.