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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The task of winding up multiple myriad taxes that used to operate before 2014 and shifting to a cleaner, more efficient system was such that testing out the new system was not possible, PM Modi's economic advisor said today.
P Chidambaram -- Congress's former Union Minister who handled the finance portfolio -- said today that while the rationalisation of the Goods and Services Tax law is welcome, it is eight years too late.
From September 22, 2025, all individual life and health insurance premiums will attract 0% GST, down from 18%. Announced after the 56th GST Council meeting, this move cuts upfront costs, may widen coverage, and nudges households to buy adequate prote
The Union Minister announced the new GST structure for the country, bringing the GST rate on smaller cars down to 18 per cent.
The rationalisation of Goods and Services Tax is the "biggest reform since Independence," Prime Minister Narendra Modi said today
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