LatestIncome Tax 5 October 2026
GST 2.0 Boosts Refunds, Expands ITC
The GST 2.0 reforms introduce a fast‑track filing option for taxpayers claiming up to ₹2.5 lakh of input tax credit per month, promising quicker refunds and broader credit eligibility, while removing arrest provisions for non‑compliance. Businesses can now opt for the streamlined route, reducing processing time and improving cash flow, as the government aims to simplify tax administration and boost compliance.
[Financial Express] reports that GST 2.0 now offers:
- A fast‑track filing path for those claiming ≤ ₹2.5 lakh ITC monthly.
- Faster refund processing and wider ITC eligibility.
- Removal of arrest powers for GST non‑compliance.
This move is designed to speed up cash flow for businesses and simplify tax compliance.
Read the full story on the original site for more details.
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