On 79th Independence Day, the Ministry of Finance announced that the government is planning to move towards a ‘simple tax’ regime to rationalise the existing goods and services tax (GST) rates. The proposed reforms, announced by the ministry on Friday, 15 August, aim to simplify the tax structure, where goods and services can be classified as ‘standard’ and ‘merit’.
The announcement by Prime Minister Narendra Modi regarding GST 2.0 is a timely and strategic move to build a resilient Indian economy, according to experts.
Eight years after the launch of goods and services tax, the Centre has circulated the blueprint for GST 2.0, with…
The government is accelerating efforts to overhaul the GST regime as part of the proposed GST 2.0 reforms, with Finance Minister scheduled to meet representatives from India Inc on May 27, two government sources said.
Micro, Small and Medium Enterprises (MSMEs) are essential for India’s economic growth, creation of employment and supporting large industries with cost-effective solutions. Over the years, the Goods and Services Tax (GST) has played a significant role and benefitted MSMEs by unifying the tax structure, easing logistical movement and in creating a transparent business environment.
Said to be India’s biggest tax reform, the Goods and Services Tax (GST) was implemented five years ago with one…
India could consider a significant shift in the Goods and Services Tax (GST) including a jurisdiction-free regime as part of…
