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We hosted a webinar on the 57th GST Council meeting to examine the business implications of the Council’s recommendations and their potential impact on day-to-day GST operations.
The discussion focused on proposals aimed at simplifying compliance, improving liquidity, widening input tax credit (ITC) eligibility and supporting a more technology-driven, trust-based tax framework. The session also examined the implications for refunds, exports, cross-border transactions and multi-state tax administration.
Key takeaways:
- Unlock working capital: Wider refund eligibility for input services and capital goods could release credit currently locked within the GST system.
- Prepare for automated refunds: Faster, risk-based processing will require accurate and consistent data across invoices, returns, shipping records and payment realisation.
- Improve export certainty: Proposed changes could extend zero-rating to more genuine cross-border arrangements and reduce long-standing interpretational disputes.
- Access wider input tax credit: Relaxations covering insurance, outdoor catering, telecom infrastructure, free samples and written-off goods could reduce embedded business costs.
- Reduce multi-state complexity: Centralised scrutiny, audits and adjudication could bring greater consistency and reduce duplicate proceedings across jurisdictions.
Speakers
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Partner, Tax Planning & Optimisation and India Investment Advisory Leader
Krishan Arora (Moderator)
Grant Thornton Bharat
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CFO
Lokesh Garg
OFB Tech Limited
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Senior General Manager, Indirect Taxation
Pravin Saharia
Dalmia Bharat Limited
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Partner, Tax Planning & Optimisation
Karan Kakkar
Grant Thornton Bharat
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Partner and Tax Controversy Management Leader
Manoj Mishra
Grant Thornton Bharat