GST rejig: Credit relief, export push and simpler rules make Diwali come early for industry, says EY’s Bipin Sapra
EY partner Bipin Sapra said the GST Council’s latest reforms address input tax credit blockages, expand refunds, support exporters and streamline tax administration. He said rationalising Section 17(5) could reduce tax cascading and costs for businesses, while decriminalisation and removal of arrest powers should create a more conducive business environment.
With the festive season approaching, the industry is abuzz with excitement as the 57th GST council has announced a series of bold reforms. These reforms can be categorized into four main areas: rationalisation of input tax credits and expansion of refunds, support for exporters, streamlining GST administration and processes, and decriminalisation of the GST law.
The council has also targeted sector-specific anomalies in GST rates and the law, aiming to simplify the tax system and make it more business-friendly. The comprehensive measures are expected to make GST more efficient, reduce the cost of goods and services, and create a conducive business environment, ultimately benefiting the industry and making Diwali come early for most industries.
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