GST Council's Wednesday session in New Delhi will be led by Finance Minister Nirmala Sitharaman.
EY India chairman Rajiv Memani, who advises major corporates such as Tata and Reliance, said GST 2.0 had made the tax regime more user‑friendly but companies still face "multiple audits" that should be consolidated centrally.
He urged the council to address the backlog of input tax credit claims for services and capital goods, and to allow credits for travel and insurance expenses, while also decriminalising tax offences and simplifying filing procedures.
Beyond GST, Memani stressed the importance of an inter‑ministerial framework to resolve direct tax disputes, suggesting such reforms could help India reach a projected $100 billion in FDI this year and double that figure within three years.
The council's earlier rate and process rationalisation initiative, approved in September, has already contributed to a 12.5% rise in FDI inflows to $43.9 billion between April and July, up from $37.4 billion in the same period last year.
With sectors like space, defence and electronics attracting overseas investment and India’s free‑trade agreements bolstering foreign interest, the council’s decisions will shape the country’s tax policy and its competitiveness as a destination for global capital.