By Bipin Sapra and Swati Saraf

The current ITC refund mechanism does not take into account the GST paid on input services and capital goods. Aligning rates, enabling refunds, and gradually moving toward a unified rate will give businesses certainty and foster long-term investment, explain Bipin Sapra & Swati Saraf

From a four-tier to a two-tier rate structure

The rollout of Goods and Services Tax ( GST ) rate rationalisation on nearly 400 items marks a decisive step in India’s tax reform journey. The GST Council has demonstrated responsiveness to stakeholder concerns, balancing revenue mobilisation with the objective of easing inflationary pressures on households. The newly rationalised GST structure reflects this balance. With the current reforms, India has moved from a four-tier to

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