GST 2.0: Big Process Reforms, Faster Refunds & Easier Compliance On The Table Ahead Of GST Council Meet

A major overhaul of the GST regime could be on the table ahead of the 57th GST Council meeting, with GST 2.0 focusing on simplifying compliance and improving ease of doing business. Business Today’s Karishma Aoodani brings an exclusive blueprint of the proposed reforms, including faster refunds, simpler registration and return processes, easier GST closure, streamlined litigation and improvements in input tax credit procedures. The meeting is expected to focus on process and structural reforms rather than rate rationalisation. A proposed 3% IGST on bank imports of gold and silver may also be discussed in future meetings. Stay tuned for updates.