GST Council to meet on Sep 3-4: What're the changes
Heads up: India's GST Council is meeting in New Delhi on September 3-4, and some major tax changes are up for discussion.
The main idea? To ditch the confusing 12% and 28% GST rates, so only the 5% and 18% slabs remain, with a special 40% slab for luxury and sin goods.
They're also considering making health and life insurance premiums GST-free (they're taxed at 18% right now), which could make these essentials a bit lighter on your wallet.
Prep meeting on September 2
A prep meeting kicks things off on September 2 to line up all the details.
The Council is also reviewing bigger reforms under "GST 2.0," aimed at simplifying taxes and making life easier for everyone—especially the common man, the middle class, farmers, and MSMEs.
There are some worries about how states will be compensated if revenues dip, plus talk about what happens when the compensation cess ends after March 2026.
If these changes go through, expect a simpler tax system—and maybe even lower bills for stuff that matters to you.