53rd GST Council Meet Today: What are the key expectations?

53rd GST Council Meet Today: The GST Council meeting on June 22 will address critical issues to streamline the GST framework, enhance compliance, and resolve industry concerns.

Shivangini
First Published22 Jun 2024, 08:18 AM IST
53rd GST Council Meeting: Experts expects way for simplified compliance and economic growth
53rd GST Council Meeting: Experts expects way for simplified compliance and economic growth

53rd GST Council Meet Today: The upcoming GST Council meeting on June 22 is set to address several crucial issues aimed at streamlining the GST framework, enhancing compliance, and resolving industry concerns.

Ankur Gupta, Practice Leader - Indirect Tax at SW India, highlighted key areas of focus for this significant deliberation.

One of the primary topics expected to be discussed is rate rationalization, potentially involving reductions in GST rates for specific goods and services. This move is anticipated to boost consumption and provide relief to businesses. Additionally, correcting the inverted duty structure, which currently causes input tax credit accumulation issues in certain sectors, will likely be on the agenda, as per Gupta.

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Mahesh Jaising, Partner and Leader, Indirect Tax, Deloitte India, shares insights from recent surveys reflecting positive sentiments towards GST implementation. "78 percent of MSMEs have shared a positive sentiment towards GST implementation this year versus 66 percent in 2023. Nearly 70 percent of respondents continue to believe that the quarterly filing of returns for MSMEs is beneficial and improves compliance. Specifically, the key positive area for 70 percent of MSMEs has been called out to be supply chain efficiencies," he said.

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Deloitte India's third edition of the GST@7 survey underscores the strong support for the GST regime, with 84 percent of India Inc. expressing confidence in its implementation. Key areas for further reform include rationalizing tax rates, improving dispute resolution processes, removing credit restrictions, adopting faceless assessments, liberalizing export rules, and implementing a compliance rating system.

Echoing these sentiments, Jaising commented, "India Inc. has enhanced confidence in the workings and efficiency of the GST regime. Such positive sentiment is reflective of supply chain efficiencies, the benefits of tax, technology, and continued stakeholder engagement on GST policy matters."

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Amit Goyal, Managing Director, India Sotheby's International Realty, said, 'The return of an existing government to power positively impacts the Indian economy and the real estate sector. Political stability significantly enhances confidence among both consumers and investors. We are a young country, poised to become the third largest global economy by 2027, and demand for homes is inevitably going to remain strong, now that we have stability on the policy front and continued focus on infrastructure development. The growing number of affluent in the country, particularly benefits the luxury segment of real estate and we expect the buoyancy to continue."

In support of the Micro, Small, and Medium Enterprise (MSME) sector, the Deloitte survey suggested easing GST registration processes through virtual verification and standardized documentation across the country. These measures are expected to help MSMEs navigate compliance challenges more effectively, contributing to India's economic growth.

Badal Yagnik, CEO, Colliers India, said, “The real estate sector expects continuation of structural reforms and policy support from the new Central government. RERA & GST implementation, national policies specific to logistic parks & data centers and overall infrastructure push in the form of National Infrastructure Pipeline & Gati Shakti National Master Plan have instilled a sense of confidence amongst various real estate stakeholders in the last decade. These long-term measures to balance growth while maintaining fiscal discipline will be pivotal to drive equitable public & private investment in the economy. A progressive and an economically viable vision is inevitable if real estate sector is to reach a USD 1 trillion market, forming 13-15% of the country’s GDP by 2030.”

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First Published:22 Jun 2024, 08:18 AM IST
HomeEconomy53rd GST Council Meet Today: What are the key expectations?

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