GST Council October 7 Meet To Focus On Process Reforms, IDBI Bank Disinvestment Remains On Track
· Free Press Journal
New Delhi: The GST Council is scheduled to meet on October 7, with discussions expected to centre on process reforms and measures aimed at improving ease of doing business, according to Finance Ministry sources.
The meeting could focus on simplifying procedures and reducing compliance-related hurdles for businesses operating under the Goods and Services Tax framework.
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Process Reforms In Focus
Rather than major tax-related changes, the upcoming Council meeting is expected to place emphasis on improving processes and making the GST system easier for businesses to navigate.
The GST Council, comprising representatives of the Centre and states, periodically reviews the indirect tax framework and recommends changes relating to GST administration and compliance.
New BIT Framework Taking Shape
Separately, the government is finalising a new framework for Bilateral Investment Treaties (BITs), which is likely to receive approval soon, according to the sources.
India is simultaneously working on investment treaties with several countries. Negotiations with Canada are currently underway as part of these efforts.
GST Council Weighs 5% Tax Cut On Air, Water Purifiers To Boost AffordabilityBITs typically establish a framework governing investments between two countries and provide certain protections to investors operating across borders.
However, tax-related matters will remain outside the scope of these treaties. Finance Ministry sources said Parliament retains the sovereign right to legislate on taxation, and tax issues will therefore not form part of BIT provisions.
IDBI Bank Disinvestment On Track
The government is also moving ahead with the proposed disinvestment of IDBI Bank, with Finance Ministry sources maintaining that the transaction remains on track.
GST Council Approves CGST Act's Amendment Of Section To Allow Export Refunds Made With Tax PaymentThe update comes as the Centre continues work on completing the strategic divestment process, one of the closely watched transactions under its broader disinvestment programme.
Further clarity on the GST process reforms and the BIT framework is expected as the government moves closer to the October 7 Council meeting and finalises its investment treaty policy.