GST reforms: Refunds, wider ITC mark third phase of reform as India targets global supply chains, says PwC’s Pratik Jain

The GST Council has introduced new measures that represent the third phase of tax reform, aiming to simplify business operations. The changes expand refunds for input services and capital goods, and allow input tax credit on employee insurance. These adjustments are expected to reduce working‑capital pressure and lower overall costs for companies.

PwC’s Pratik Jain said the GST Council’s latest measures mark the third phase of the tax reform, shifting focus to bolder policy changes and ease of doing business. He said wider refunds for input services and capital goods, along with ITC on employee insurance, could ease working-capital stress and lower costs.

Summarised by Agaah from Economic Times. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.