GST Council Introduces Key Reforms to Simplify Tax Compliance
The GST Council, in its 53rd meeting, announced several significant reforms including changes to tax rates for accommodation services for students and solar cookers. Key measures include waiving interest and penalties for initial demand notices and setting monetary limits for appeals. The Council emphasized reducing compliance burden and improving taxpayer experience.
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- Country:
- India
The GST Council, convened for its 53rd meeting, has introduced sweeping reforms aimed at simplifying tax compliance and easing the burden on taxpayers. Key among these is the decision to amend tax rates on items like student accommodation services and solar cookers.
Finance Minister Nirmala Sitharaman highlighted the introduction of biometric-based Aadhaar authentication for registration applicants nationwide. This is intended to curb fraudulent registrations and tax evasion. The Council also set monetary limits for appeals, reducing the financial strain on taxpayers.
In a move to foster a more taxpayer-friendly environment, the Council waived interest and penalties for initial demand notices, provided the full tax amount is cleared by March 31, 2025. These measures, alongside anticipated discussions on rate rationalization, underscore the Council's commitment to making tax compliance less cumbersome.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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