GST Reforms Should Boost Trust |
Last week, the Finance Minister announced a series of measures to relax several GST provisions, and many of them are indeed laudable. Businesses across the country have repeatedly complained about the complex compliance requirements, delayed refunds, disputes over input tax credit, and an enforcement regime that can make even procedural lapses costly. The key proposals in the recommendations of the recently concluded 57th GST Council are to remove arrest provisions under GST and raise the prosecution threshold from ₹1 crore to ₹5 crore. The maximum general penalty has also been reduced from ₹25,000 to ₹10,000, making enforcement more proportionate. Together, these measures should address the anxiety and fear that grips businesses.
Easing Compliance And Business Anxiety
A thin line separates........