Panel wants GST framework overhaul

• Parliament’s Public Accounts Committee (PAC) recommends a comprehensive review of the GST framework to simplify compliance.
• The review includes streamlining the return filing process, consolidating forms, and reducing filing frequency.
• The PAC advocates for a tiered compliance approach, reducing the burden on smaller businesses.
• The GST portal needs to be improved for user friendliness and taxpayer guidance.
• The committee calls for a revamped GST 2.0 to address stakeholder concerns and ensure timely tax collection.
• The PAC highlights challenges faced by taxpayers, including penalties for compliance failures.
• The committee also calls for an accurate projection of revenue collection using data analytics and AI tools.
• The PAC recommends a transparent refund processing system and a dedicated grievance redressal mechanism for refund-related issues.
• A simplified GST compliance framework, especially designed for MSMEs, is recommended for faster return filing and refund processing.