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The Union Ministry of Finance conducted a discussion with representatives of the industry regarding the concern for the tax on goods and services (GST) and recommendations for improving indirect taxation. The discussions that have been happening in recent weeks are against the background of the work conducted by the GST Council for consideration and rationalization of the multiple tax rate.
According to sources, representatives of the industry also raised the question of reducing several rates within the GST, as well as called for a simpler classification that would help reduce disputes and lawsuits. Sources point out that issues on the complexity of GST were also discussed.
In addition, it is understood that representatives of the industry called for a three -time GST structure, as well as measures to improve the requirements, which, in turn, will reduce the tax load while mobilizing greater profits.
This step comes at a time when the GST Council, led by the Union of Nirmala Syntamal Finance Minister, is already working on the rationalization of indirect tax. A group of ministers, led by Deputy Chief Minister Bihara Samrat Chadhar, is already working on how to rationalize and simplify the tax structure.
In July this year, GST completed eight years, calls for complete major tax repair to take care of the various issues that have arisen over the years and introduced a more simplified tax in accordance with GST 2.0.
The GST Council at its latest meeting in December 2024 postponed the question of the rationalization of the rates because at the time GOM postponed its report.
The GST Council meeting is expected to be summoned somewhere in the near future, perhaps in early July, although the data was not refined.
Sources show that the Ministry of Finance “studies” different options for improving the GST and how to allocate refurbishing indirect tax. Several states also understand that they have caused concern about the possible loss of profit with the rationalization in the GST speed structure.
