GST Council Considers Major Reforms on ITC, Refunds, Arrests
The 57th GST Council meeting will discuss significant GST 2.0 reforms such as expanding input tax credit eligibility, protecting genuine buyers from supplier defaults, speeding up refunds, simplifying GST registration, and easing MSME compliance. Proposed changes also include removing GST arrest provisions, raising prosecution thresholds, relaxing export rules, and adjusting rates in targeted sectors.
Economic Times·