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No GST rate cuts at October 8 Council meet; GST 2.0 next phase targets faster refunds, easier ITC
Our read
Rates stay flat on October 8 and the policy shifts to execution, so any retail benefit from GST 2.0 will come from faster refunds and cleaner input tax credit, not from lower tax rates.
For operators
With no rate change on October 8 there is nothing to reprice, so spend the effort on supplier invoice matching and filing hygiene, because invoice-matched ITC and 10-day refund acknowledgements will reward clean books with faster working-capital release.
Watch
The Council's October 8 outcome statement: does it confirm no rate change and set dates for the process reforms?
Ask next
The report,
The next GST 2.0 phase, ahead of the GST Council meeting, proposes acknowledging refund applications within 10 days and validating input tax credit through invoice matching. It also targets simpler compliance and wider e-commerce seller access, phased through 2027.
- Proposed GST refund acknowledgement window
- 10 days
- Eligible refunds released after risk-based checks
- around 90 per cent
- Registrations auto-approved within three working days
- around 61 per cent
Reported figures
From the report. Source details below
| Eligible refunds released after risk-based checks: | around 90 per cent |
|---|---|
| Registrations auto-approved within three working days: | around 61 per cent |
| Annual rate revision review starts: | April 1 |