Since its launch in 2017, the GST regime has been criticised for far too many tax rates that were amenable to creating complications instead of simplifying taxation. The Government had hinted that rates could be reviewed once the system stabilised. After five years, the government has assessed it is about time to consider a reboot, partly because revenues are falling short of expectations, despite healthy monthly collections. Next month, a Group of Ministers set up by the GST Council is expected to propose changes, including merging slabs, with a road map for immediate, short- and medium-term changes. This mandate marked an expansion of its initially stated task of rationalising tax rates to bolster revenues. The Council continues to resolve genuine hardships this created for industry segments, but the constant tweaks have also altered the original revenue dynamics envisaged. The 18% tax rate, levied even on insurance premium payments, now accounts for the largest taxable turnover, as a National Institute of Public Finance and Policy (NIPFP) paper points out. Reducing the 18% rate or merging it with the 12% slab will thus entail revenue losses that would have to be offset by hikes in the lowest and/or highest rates. Sequencing the implementation of new rates and avoiding far-too-frequent rethinks would be critical to minimise disruptions and engender investor confidence. The Council must also urgently address data limitations flagged by the NIPFP. For several months this year, the government did not reveal returns filed by taxpayers even as it claimed GST collections reflect recovery and better compliance. Also, many GST rate cuts that triggered the current resource worries were aimed at pandering to regional considerations ahead of critical elections. With key State polls round the corner, the government’s resolve to carry out a hard reset on GST rates may be tested.