Goods and Services Tax complexity requires simplification and review of slabs and compliance mechanisms urgently.
The article summarises India's multi component Goods and Services Tax framework-comprising IGST, SGST, CGST, multiple rate slabs, composition schemes and reverse charge-with attendant compliance obligations (returns, input tax credit reconciliation, and a national e way bill). It contrasts India's multi tiered, exclusionary rate design with other jurisdictions' approaches, highlights resulting complexity and administrative burdens, and recommends revisiting slabs and statutory provisions while improving taxpayer education to remedy operational loopholes. (AI Summary)