GST Council clears procedural overhaul, keeps tax rates steady for businesses
· Business · LiveMint, Zee News
The GST Council, chaired by Finance Minister Nirmala Sitharaman, approved a major procedural overhaul on Thursday, keeping tax rates largely unchanged to ensure stability. The reforms aim to expand and expedite refunds, replace discretionary officer checks with system-led risk rules, and curb arrest powers for suspected evasion. An officers' committee will deliberate on allowing input tax credit for honest buyers even when suppliers default, with a report expected in three months and implementation planned from April next year. The changes follow a year after the Council largely cut rates and rationalised slabs, targeting reduced costs and eased liquidity for businesses.
Why it matters
Businesses will gain faster access to working capital through expanded refund mechanisms and more predictable compliance, directly easing liquidity pressures for sectors dependent on input tax credit chains.
Read the original report — LiveMint
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