Quick Summary
The Agro Food Chamber of Commerce and Industry has called for an urgent simplification of the Goods and Services Tax (GST) Act and rules, highlighting the need to prioritize this issue in the upcoming GST Council meeting. According to the Chamber, the current GST framework is riddled with complexities, making it difficult even for tax experts to navigate due to the numerous notifications, clarifications, and amendments introduced over the past seven years. The President of the Agro Food Chamb
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FAQ :
Trade bodies are urging for an urgent simplification of the Goods and Services Tax (GST) Act and rules.
They state the current GST framework is too complex due to numerous notifications, clarifications, and amendments over seven years, making it difficult to navigate.
The proposed starting point is to bring clarity to the tax rates applied to different products.
GST is currently levied based on the Harmonised System of Nomenclature (HSN) code.
It is proposed that tax rates should be standardised across all products within a single Section of the HSN code.
This approach would simplify the GST structure, reduce disputes, and ease compliance for businesses.
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