All eyes were on today’s GST Council meet – and rightly so!
The long-awaited “GST 2.0” discussions have begun, and as per reputed news sources (Moneycontrol, Reuters, Economic Times, Outlook Business, TOI, CNBC), several key updates are under consideration;
Key Updates (Notified Status Awaited)
✅ Two-Slab Structure Proposal
Simplification to 5% & 18%, with 40% levy on luxury & sin goods.
✅ Sectoral Relief
Possible reductions on essentials (toothpaste, shampoo), small cars, consumer durables & insurance premiums.
✅ High-End EVs
Proposal to increase GST from 5% to 18% for EVs above ₹20 lakh.
✅ GST Registration Reforms
95% of new registrations may be auto-approved within 3 days under a risk-based “green channel.”
✅ Refund Simplification
Fast-track refunds for exporters & inverted duty structures; GSTN tweaks portal to allow claims despite minor ledger negatives.
✅ Pre-Filled Returns
Like ITR, GST returns may soon come pre-filled to reduce errors & manual entries.
Professional Insight
These moves signal a decisive shift towards ease of doing business – simpler structures, faster liquidity via refunds, time-bound registration, and compliance clarity. While final notifications are awaited, the intent is clear: simplify GST for taxpayers while strengthening oversight.
Disclaimer: Updates are based on reputed sources. Practitioners should await official GST Council/CBIC notifications before implementation.
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