With the new GST regime firmly entrenched, 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.
In an interview to PTI, he 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 stabilise.
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.
Read more at http://www.thehindu.com/business/Economy/gst-rate-structure-needs-complete-overhauling-hasmukh-adhia/article19901033.ece
My take: good move. Better late than never.
In an interview to PTI, he 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 stabilise.
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.
Read more at http://www.thehindu.com/business/Economy/gst-rate-structure-needs-complete-overhauling-hasmukh-adhia/article19901033.ece
My take: good move. Better late than never.
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