- The Union finance ministry held discussions with industry representatives about GST concerns and improvements.
- Discussions focused on reviewing and rationalizing the multiple rate structure of GST.
- Industry representatives suggested reducing multiple rates and simplifying classification to reduce disputes.
- A three-rate structure and improved compliance were proposed to lower tax burden and increase revenue.
- The GST Council, led by the Union finance minister, is working on rate rationalization.
- A Group of Ministers is tasked with simplifying the tax structure.
- GST will complete eight years in July, prompting calls for a simplified GST 2.0.
- The GST Council deferred rate rationalization in December 2024.
- A GST Council meeting is expected soon, possibly in early July.
- The finance ministry is exploring options for GST improvements.
- Some states are concerned about potential revenue loss from rate rationalization.
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
