GST Council Meeting Today: GST Cuts To Usher In Consumption

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.