GST Council Meeting: Big Changes Beyond Rate Cuts | GST 2.0, ITC, MSMEs & Compliance Reforms

The 57th GST Council meeting is underway, and the focus could go well beyond GST rate rationalisation. The government is expected to look at major process and structural reforms aimed at simplifying GST compliance for taxpayers and businesses. Key areas to watch include easier GST registration and closure, faster returns and refunds, simplification of the input tax credit mechanism and reforms that could make it easier for MSMEs and e-commerce businesses to operate across states. One potential reform being closely watched is single registration verification, which could allow small businesses to sell across states without having to go through separate state-level registrations. The broader objective: simplify GST compliance and move towards a more streamlined GST 2.0 framework.