RBI Grade BNABARD ESISEBI
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Context:
“RBI MPC Unpacked: Key Theory Meets Today’s Macro Trends”Tap to play · from the C4S channel
Finance Minister Nirmala Sitharaman has announced that a simplified Goods and Services Tax (GST) registration system under GST 2.0 will be implemented from November 1, 2025. The reform aims to enhance ease of doing business, reduce human interface, and make the tax administration more efficient and transparent.
Key Highlights:
- Automatic Approvals: New GST applicants will receive auto-approval within three working days in most cases.
- Eligibility for Automatic Registration:
- Applicants identified as low-risk by the system based on data analytics.
- Taxpayers self-assessing that their monthly output tax liability does not exceed ₹2.5 lakh.
- Coverage: Nearly 96% of new applicants are expected to benefit from this simplified system.
- Objective: To ease compliance, enhance efficiency, and ensure transparency by limiting discretionary approvals.
- Part of GST 2.0 Reforms:
- Rationalisation of GST rate slabs.
- Simplified return filing process.
- Automated refund system.
- Risk-based audit mechanism.