India Needs GST 2.0:
The Justice Kurian Joseph Committee on Union-State Relations released a landmark report advocating for GST 2.0.The report warns that the current GST framework has eroded the fiscal autonomy of States and needs a second generation of reforms to restore the federal balance and fix the broken digital tax backbone.The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based indirect tax that subsumed almost all central and state indirect taxes.It was designed to create a One Nation, One Tax system, eliminating the cascading effect (tax-on-tax) and building a seamless national market through the mechanism of Input Tax Credit (ITC).
