GST Council meeting on September 3-4 to discuss tax slabs
Heads up—India's GST Council, led by Finance Minister Nirmala Sitharaman, is meeting on September 3 and 4 to discuss revisions of tax slabs under the GST regime.
This is part of ongoing reforms set to wrap up by early October.
Officials from both states and the center are prepping for these talks, with discussions already underway since August.
Two main rates proposed
The big idea? Shrinking the current four tax rates (5%, 12%, 18%, 28%) down to just two main ones: 5% and 18%.
There's also talk of a special 40% rate for certain goods.
The goal is to make GST simpler for everyone, but some states are worried about losing revenue—especially if essentials get cheaper.
The Council will try to strike a balance so that both consumers and state budgets come out okay.