GST Council two-day meeting underway, rate cuts and rationalisation on agenda - Check all latest development

The 56th GST Council two-day meeting, chaired by Union Finance Minister Nirmala Sitharaman and comprising ministers from all states, is underway. The overhaul of the Goods and Services Tax (GST) to lower tax rates on daily use items will be considered during the meeting. The Centre's next-gen GST reform proposal of having just two tax slabs of 5 and 18 per cent by moving products from the current 12 and 28 per cent to lower rates is on the agenda. A special 40 per cent rate has been proposed to be levied on a select few items.

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