- Industry associations have petitioned for a comprehensive review of the GST framework.
- Proposal includes adding petroleum products, electricity, and real estate to the GST net.
- Aim is to broaden the tax base and reduce overall GST rates.
- Recent GST collections in India have shown significant growth.
- Industry suggests phased inclusion of aviation turbine fuel and natural gas under GST.
- Advocates for including electricity to eliminate cascading taxes and reduce costs.
- Proposes removing input tax credit restrictions in real estate to improve compliance.
- Reform aims to expand the tax base, eliminate cascading taxes, and enhance compliance.
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.
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