The eyes of the country are on Bharat Mandapam in New Delhi today, where the 57th General Meeting of the GST Council has started under the chairmanship of Union Finance Minister Nirmala Sitharaman. All senior officials including Chief Ministers and Finance Ministers of various states are attending this high level meeting. The main focus of this important meeting is to promote ‘Ease of Doing Business’, simplify tax procedures and provide huge relief to businessmen.
Big reforms expected for MSMEs and exporters
In this Council meeting, proposals related to Input Tax Credit (ITC), refunds and timely processing for small and medium enterprises (MSME), startups and exporters are being given priority. The main focus of the government is on simplifying the documentation rules and limiting the arrest powers of tax officials, so that a completely trust-based tax system can be established in the country.
These important proposals and charges can be discussed
The agenda of the meeting includes many major and policy decisions. These mainly include important points related to implementation of 5 percent GST on delivery services like Swiggy and Zomato, consideration of GST options for EV (electric vehicle) transport and rental as well as ITC relief for hotels, fitness centers and restaurants. Experts believe that just as relief in tax slabs was given to common citizens in the last session, similarly this time big announcements related to compliance and returns can be made for businessmen.
