New Delhi: With the new GST regime rolled out, a complete overhaul of the tax rates is now required to reduce the burden on small and medium businesses, Revenue Secretary Hasmukh Adhia has said.
The Goods and Services Tax (GST), which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will take about a year to stabilize, said Hasmukh.
Nearly four months since its introduction, the new indirect tax threw up teething troubles and compliance issues, which the GST Council, the highest decision-making body of the new regime, has addressed through several rounds of changes.
To ease hassles facing medium and small businesses in paying taxes and filing GST returns, it has tweaked various aspects of the new indirect tax regime to make it industry-friendly. Also, the GST Council has rationalised rates on over 100 commodities and made refund process easier for exporters.
The GST Council has already cleared an approach paper for items to be considered for rationalisation but it is not binding and the council can always make deviation from the approach paper.
The 23rd meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising of representatives of all states will be held in Guwahati on November 10.