https://www.taxtmi.com/news?id=36710 A political statement urges a comprehensive GST 2.0 featuring radical simplification of tax slabs, consolidation of disparate rates, and targeted rate reductions only as part of broader reform. It highlights systemic weaknesses-proliferation of rates, rising and insufficiently validated refunds, Input Tax Credit (ITC) fraud, fake registrations, and weak supply chain tracking-that drive revenue leakage and increase compliance burdens. Recommended measures include stronger enforcement and refund scrutiny, improved validation and physical checks, targeted tax relief on selected items, and use of fiscal cushion to support the transition. en-us Sun, 09 Mar 2025 17:01:02 +0530 Sun, 09 Mar 2025 17:01:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=36710 A political statement urges a comprehensive GST 2.0 featuring radical simplification of tax slabs, consolidation of disparate rates, and targeted rate reductions only as part of broader reform. It highlights systemic weaknesses-proliferation of rates, rising and insufficiently validated refunds, Input Tax Credit (ITC) fraud, fake registrations, and weak supply chain tracking-that drive revenue leakage and increase compliance burdens. Recommended measures include stronger enforcement and refund scrutiny, improved validation and physical checks, targeted tax relief on selected items, and use of fiscal cushion to support the transition. News - Sun, 09 Mar 2025 17:01:02 +0530 https://www.taxtmi.com/news?id=36710