GST rejig: Credit relief, export push and simpler rules make Diwali come early for industry, says EY’s Bipin Sapra. Comprehensive market analysis and insights regarding this update. EY partner Bipin Sapra said the GST Council’s latest reforms address input tax credit blockages, expand refunds, support exporters and streamline tax administration. He said rationalising Section 17(5) could reduce tax cascading and costs for businesses, while decriminalisation and removal of arrest powers should create a more conducive business environment. Industry experts note that this development will have significant implications moving forward.