GST Council October 7 Meet To Focus On Process Reforms, IDBI Bank Disinvestment Remains On Track

The Goods and Services Tax (GST) Council is set to convene on October 7, with a focus on process reforms and measures to enhance ease of doing business, according to Finance Ministry sources. The meeting is anticipated to address simplification of procedures and reduction of compliance-related obstacles for businesses operating under the GST regime. Rather than introducing major tax-related changes, the main emphasis will be on improving the GST system's processes and making it more accessible for businesses.

In addition to GST process reforms, the government is also finalizing a new framework for Bilateral Investment Treaties (BITs), which is expected to be approved soon. BITs establish a framework for establishing and protecting investments between two countries, providing certain protections to investors operating across borders. However, tax-related matters will not be part of these treaties, as Parliament holds the sovereign right to legislate on taxation.

The government remains on track with the proposed disinvestment of IDBI Bank, with Finance Ministry sources confirming that the transaction is progressing as planned. This strategic divestment is one of the closely watched transactions in the government's broader disinvestment program. As the government moves closer to the October 7 GST Council meeting, further clarity on the process reforms and the BIT framework is expected.