GST reforms: Refunds, wider ITC mark third phase of reform as India targets global supply chains, says PwC’s Pratik Jain

The Goods and Services Tax (GST) Council has implemented new reforms aimed at making it easier for businesses to operate in India. These changes include wider refunds for input services and capital goods, as well as allowing businesses to claim Input Tax Credits (ITC) on employee insurance. This marks the third phase of GST reforms, which are designed to make India a more attractive destination for global supply chains. By easing working-capital stress and lowering costs, these reforms could have a positive impact on businesses and the overall economy.

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The GST reforms are expected to ease the process of doing business in India, which could lead to increased investment and economic growth. This, in turn, could boost investor sentiment and lift the stock market.

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