GST could see major overhaul; reducing tax slabs, pruning exempt list on table

India could be eyeing a significant revamp of the goods and services tax ( GST ) structure as the regime completes five years in July next year when compensation to states is set to come to an end. Tax slab restructuring and reducing exemptions could be considered in the most comprehensive makeover of the single tax that was rolled out on July 1, 2017.  The new regime may have just three majo…