MSME registration could soon be a three-day process, a major change from the weeks it currently takes. This is one of the key updates from the 56th GST Council Meeting, aimed at making it easier for small businesses to get started.
Sources told Moneycontrol that new measures would allow non-risky businesses to get their registration within three days of applying.
This change is part of a larger plan for “next-gen” GST reforms, which includes:
- Simplifying tax rates: The council is considering a new two-slab structure, which would eliminate the 12% and 28% rates.
- Faster refunds: The goal is to process GST refunds for exporters in just seven days.
- Easier filing: The government plans to introduce pre-filled GST returns to reduce paperwork and save time.
These reforms are designed to simplify compliance and boost the ease of doing business in India. The official outcomes of the meeting are still to be announced.