Finance Minister Nirmala Sitharaman stated on Monday that the upcoming phase of Goods and Services Tax (GST) reforms will aim at simplifying compliance to support Prime Minister Narendra Modi's vision of a 'Viksit Bharat'.
In a LinkedIn post, she explained that the Next-Gen GST reforms are designed to relieve taxpayers and accelerate economic momentum.
The changes in rates implemented on September 22, 2025, marked the first reform phase, with process-related amendments scheduled to be presented soon to the GST Council.
"The next phase of process reforms will come before the GST Council shortly," FM Sitharaman affirmed.
She emphasized that the reforms intend to provide relief to households, increase business certainty, and ease taxpayers' compliance.
Reported taxable supplies increased by 25.8 percent between October 2025 and July 2026 compared to the previous year.
During April-September 2026, gross GST collections rose 11.6 percent, totalling Rs 12.46 lakh crore.
GST collections achieved double-digit annual growth from June through September, with a nearly 15 percent rise over those four months.
Net GST collections, after refunds, grew 10.4 percent in the first half of the financial year.
B2C supplies surged 26.7 percent after the reforms, while GST registrations reached around 1.71 crore by August end, marking a 15 percent increase year-on-year.
Approximately Rs 1.80 lakh crore in refunds was processed during April-September, with Sitharaman highlighting the importance of predictable refund timelines for businesses.
Aggregate state GST receipts, including IGST shares, also grew by about 16 percent in the April-September period.
The GST Council's October 7 agenda includes proposals developed alongside states aimed at reducing compliance costs and processing time.
She noted that a simpler, more predictable GST regime will benefit businesses, especially small enterprises in Tier-2 and Tier-3 cities, fostering Indian economic growth.
