GST killing SMEs, major tax regime challenges need to be fixed

At the outset, it is believed that GST, by amalgamating several central and state taxes into a single tax, would mitigate tax escalation and facilitate free movement of goods across states, without stoppages at state borders. Yet, multiple registrations and payments, the application of IGST on self-supplies, and limitations to the refund claiming mechanism can be major drawbacks of the current GST…