GST Overhaul on the Horizon: Council Set to Streamline Rates and Slabs, Says FM Sitharaman

The GST Council is poised to make significant changes to the Goods and Services Tax (GST) structure, with Finance Minister Nirmala Sitharaman announcing that a decision on reducing the number of tax slabs and rates is imminent. Currently, the GST operates under a four-tier system with rates at 5%, 12%, 18%, and 28%. Sitharaman emphasized that the review process has been ongoing for nearly three years and is now nearing completion. The Council aims to simplify the tax framework, particularly focusing on rates affecting everyday consumer goods. 

 

Source: Millennium Post.