The GST regime could get the most comprehensive makeover since it was introduced in 2017. The revision may simplify the rate structure and seek to lift revenue for states. The GST compensation given to states will end in June. The restructuring, which will be implemented in phases, may cut down tax exemptions, introduce only three major tax slabs and remove anomalies from taxing raw materials and intermediates, reported Live Mint.
Source: taxconcept.net
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