BENGALURU: K Balasubramanian, joint secretary, Department of Revenue (Union Ministry of Finance), said on Thursday that the Union government has announced broad GST reforms effective from September 22 focusing on three pillars -- structural reforms, rate rationalisation, and process improvements.
At a workshop on “Goods and Services Tax (GST) 2.0” virtually, he said the key objective of GST 2.0 is to “make aspirational goods (such as cars) affordable”, a demand that prompted the GST committee to work as fast as possible. He said the reforms are business-oriented despite services not being included in Inverted Duty Structure (IDS), as opposed to products. “Services have been excluded as it is easy to generate fake receipts,” he added.
Policymakers, legal experts and industry leaders stressed the need to make GST 2.0 as transparent as possible.
Nagendra Kumar, former member, Central Board of Indirect Taxes & Customs, said, “A fair amount of success” has been achieved in fulfilling the objectives of GST.