57th GST Council Meeting: Focus Shifts to Compliance and Procedural Easing
The upcoming 57th GST Council meeting is expected to shift its focus from major tax rate changes (after the GST 2.0 rationalization) to easing compliance burdens and implementing procedural reforms for businesses.
Key Areas Expected to be Addressed
- Simplifying Compliance for Taxpayers: The Council will likely prioritize efforts to make the tax filing and compliance process simpler, particularly for small and medium enterprises (MSMEs). This may include simplifying rules for Input Tax Credit (ITC) claims and making the payment process more user-friendly.
- Procedural Improvements and Automation: The focus is anticipated to be on resolving administrative bottlenecks and introducing greater automation in the GST portal’s functionalities to reduce manual intervention and potential disputes.
- Addressing Anti-Profiteering Issues: Following the recent rate cuts, the Council is expected to discuss mechanisms to ensure the tax reduction benefits are completely passed on to the consumers, addressing any complaints of anti-profiteering by companies or distributors.
- Sector-Specific Grievances: The Council will also likely address specific operational issues and grievances raised by various industry bodies following the implementation of the recent major rate cuts across sectors like automotive, textiles, and food products.
Source:- The Hindu Business Line