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 such as excise duty, service tax and VAT, will take about a year to stabilise, he said. To ease the 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 the rates on over 100 commodities and made the refund process easier for exporters. The 23rd meeting of the GST Council, chaired by Union finance minister Arun Jaitley and comprising representatives of all states, will be held in Guwahati on November 10.

Source: The Telegraph October 22, 2017 19:52 UTC