GST Council to meet soon, discuss tax rates
The GST Council is meeting soon, with Union Finance Minister Nirmala Sitharaman leading the discussion.
Top of the agenda: possibly moving all food and textile products to a 5% GST slab to make taxes simpler for everyone.
The council also wants to focus mainly on two rates—5% and 18% for most goods and services, with a 40% rate for a handful of sin and luxury items—to keep things straightforward.
Major changes in GST rates likely
There's talk of dropping GST on cement from 28% down to 18%, which could help cut construction costs.
The council might also lower GST for mid and high-end salons from 18% to 5%, and even remove GST from individual life and health insurance policies.
All these changes are aimed at making everyday expenses a little lighter while keeping the tax system efficient for both consumers and businesses.