GST Council Set to Unveil GST 2.0 Reforms for Businesses
· Business · Times of India, The Hindu
The GST Council is set to unveil a major package of tax reforms known as GST 2.0, following consensus reached between the Centre and states in New Delhi. The upcoming proposals include faster registration, easier refunds, streamlined input tax credit, and stopping transit trucks only in origin or destination states. A key change involves shifting the power to arrest from tax officials to courts for specific offences, marking a significant push for decriminalisation. The Council will steer clear of tax rate changes in this round and plans to make regulatory adjustments an annual affair effective April 1. Additionally, the Central Board of Indirect Taxes and Customs is working on a framework for businesses with multiple offices to deal solely with a central agency.
Why it matters
These sweeping compliance changes reduce bureaucratic friction and litigation risks for businesses across India, easing day-to-day operations for small and medium enterprises.
Read the original report — Times of India
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