TIL Desk/Business/New Delhi/ Some rejig in GST rate structure is 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 stabilise, he told.
“There is need for some rejig in rates… it is possible that some items in the same chapter are divided. There is a need for harmonisation of items chapter wise and wherever we find there is a big burden on small and medium businesses and on common man, if we bring them down, there will be a better compliance,” Adhia said.
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.
