India’s Finance Minister outlines vision for ‘Next-Gen GST’

Indian Finance Minister Nirmala Sitharaman has outlined the vision for ‘Next-Gen GST’, aimed at simplifying the tax system and reducing the time and cost of compliance for businesses.

In her article on the future of GST, Finance Minister Nirmala Sitharaman said the vision of a developed India requires an economy where enterprises of all sizes have opportunities to grow. She said GST’s growing maturity provides a stronger foundation for the next stage of reform, with a focus on clarity, certainty and taxpayer confidence.

The Minister said ‘Next-Gen GST’ builds on nine years of implementation and the experience of taxpayers and States. The GST Council meeting scheduled for October 7 is expected to focus on major procedural reforms, including simpler GST registration, a lower compliance burden for small businesses, improved ITC flow, protection for genuine buyers, easier tax dispute resolution and faster refunds.