'Next-Gen GST to cut compliance costs': FM Sitharaman

New Delhi, October 5: Finance Minister Nirmala Sitharaman, in her article on the future of GST, said that 'Next-Gen GST' aims to simplify the tax system and reduce the time and cost of compliance for businesses.
The minister said that the vision of a developed India requires an economy where enterprises of all sizes have opportunities to grow. 
She said that GST’s growing maturity provides a stronger foundation for the next stage of reform, with a focus on clarity, certainty and taxpayer confidence to strengthen the vision of a developed India.
Sitharaman shared that the 'Next-Gen GST' builds on nine years of implementation and the experience of taxpayers and States.
The GST Council meeting which is scheduled to be held on October 7 and is expected to focus on major procedural reforms.
Proposals include simplifying GST registration, reducing compliance burden for small businesses, improving ITC flow, protecting genuine buyers, easing tax disputes, and speeding up refunds.
Rules for e-commerce businesses may also be eased, with the overall aim of reducing taxpayers’ time and compliance costs.

(File photo)

Source & Wire Service: Prasar Bharati SHABD (DD / Akashvani News)