GST relief measures urged to urgently ease liquidity and stimulate demand amid pandemic economic disruption.
The commentary proposes targeted GST reliefs to ease liquidity and stimulate demand: expedited refunds, unconditional waiver of interest and late fees for delayed GST payments and filings, instalment-based payment options, cash-based taxation for small taxpayers; ITC measures including ITC on employer-paid health and life insurance premiums, relaxations of supplier-matching under Rule 36(4) and extension of ITC availing deadlines; and temporary GST rate reductions or waivers and liberalisation of export restrictions. (AI Summary)