The GST council has been actively discussing reforms to simplify the tax structure. Recently, a panel of experts suggested reducing the number of tax slabs from four to two. This move is expected to benefit small and medium-sized businesses, which have been struggling to comply with the current complex tax system. According to data, the number of GST returns filed has increased by 15% since the introduction of the e-invoicing system.
However, some critics argue that the proposed reforms may not be enough to address the concerns of large corporations. The council is expected to make a decision on the proposed reforms by the end of the quarter. If implemented, the reforms could lead to a 5% increase in tax revenue for the government. As the discussion surrounding GST reforms continues, it remains to be seen how the changes will impact the economy.