GST 2.0 makes it less taxing as govt scrap arrest powers, raise prosecution threshold to Rs 5 crore in major overhaul

New Delhi: The GST Council approved a sweeping recast of the indirect tax structure that includes scrapping arrest powers, besides easing the compliance structure and claiming of input tax credit. The latest set of reforms marks the completion of the goods and services tax (GST) makeover that began with rate rationalisation a year ago.

The GST Council recently approved substantial reforms to simplify the indirect tax structure and improve compliance. These changes include raising prosecution thresholds and decriminalising several offences, signifying a major shift in GST law. Finance Minister Nirmala Sitharaman outlined plans for these reforms to take effect from April 1 next year. Experts believe these measures will enhance business operations and support economic growth.

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