GST Review: Experts Seek Reforms to Improve Tax Framework

The Goods and Services Tax (GST) in India is being reviewed after eight years.

Tax experts want changes like one audit committee and a better appeals process.

They also want to fix problems with how businesses get tax credits, like when they can't get credits for certain things or due to vendor issues.

They also point out that the different tax rates on similar products create confusion and disputes.

The government is considering simplifying tax rates.

Experts also want the government to treat taxpayers fairly and reduce unnecessary penalties.

They also suggest having a central assessment body to handle audits and assessments.

These changes are aimed at making the GST system more efficient and fair for businesses.