GST 2.0 is a Welcome Move, But These 5 Issues Need Attention
GST 2.0 is a Welcome Move, But These 5 Issues Need Attention CA Manish Malhotra There’s finally some good news on the Goods and Services Tax (GST) front after a long time. The Modi government has announced major changes to the eight-year-old GST regime. Now, there will only be two tax slabs — 5% and 18%. The 12% and 18% slabs have been axed. After earlier changes in income tax exemptions and now these GST reforms, it has become clear that the Modi government listens to people’s concerns, understands them, and makes sincere efforts to resolve them. However, some questions still remain unanswered. 1. Automated Registration – Good Initiative, But Needs Clarity Automated registration is a good step. However, it will only be truly rational if the process is completely free of human intervention. In simpler terms, if it’s not left to the discretion of any government official, it could turn out to be a highly effective move. But one key question remains — if a business, ...