The 56th Goods and Services Tax (GST) Council meeting, scheduled for today and tomorrow, in New Delhi, is set to discuss one of the biggest tax overhauls since the GST regime was rolled out in 2017. The main agenda for the meeting includes proposals to simplify GST rates with a focus on the 5 per cent and 18 per cent slabs. There are also plans to eliminate the 12 per cent and 28 per cent slabs, rationalising the tax structure. Meanwhile, there are chances of application of a 40 percent tax for luxury items, sin goods, and demerit goods. A reduction in GST could lead to lower prices for essential food and beverage items consumed daily, offering relief to consumers amid rising inflation.
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India adds roughly 19-22 lakh net payroll subscribers every month, with nearly 60 per cent of new members belonging to the 18-25 age group.
Forest Minister Jayanta Malla Baruah said forest royalty and GST are closely connected, making coordination between the two departments crucial.
Assam has emerged among the top performing major states in the country in terms of monthly GST growth, reflecting improving economic activity and stronger revenue administration.
GST collections hit an all-time high of Rs 23.11 lakh crore in FY 25-26. April 2026 alone brought in a record Rs 2.42 lakh crore.
In a joint operation that included raids across Assam, Bihar and West Bengal, a Special Task Force (STF) and GST officials busted the network accused of committing fake Input Tax Credit (ITC) fraud.
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