- Congress Calls for Comprehensive GST Reform: The Congress party, led by general secretary Jairam Ramesh, emphasizes the need for a comprehensive overhaul of the Goods and Services Tax (GST) rather than just a reduction in rates, advocating for a “Good and Simple Tax” (GST 2.0) in their manifesto for the 2024 Lok Sabha elections.
- Concerns Over GST Complexity and Fraud: Ramesh highlights the complexities of the current GST system, including multiple tax rates and high compliance burdens, which contribute to significant GST evasion and fraud, particularly in Input Tax Credit claims. He stresses that inadequate enforcement mechanisms need addressing in any reform efforts.
- Call for Reducing GST on Essential Items: The Congress leader urges the government to lower GST rates on essential educational materials and services, pointing out the regressive nature of the current indirect tax structure. He argues that this year presents a unique opportunity for the government to implement meaningful GST reforms as the GST compensation cess is expected to meet revenue targets.
Source A2ztaxcorp
