GST regime may undergo 2 major reforms this year

The Goods and Services Tax (GST) regime is expected to see two major reforms in its fourth year--rationalisation of tax rates based on prudence rather than political considerations, and further easing of compliance--people aware of the matter said. The people said three-slab GST rates instead of four could be considered--8%, 18%, and 28% in place of current slabs of 5%, 12%, 18%, and 28%. They sai…