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GST Council to meet this week for major tax overhaul
The GST Council is meeting this week to discuss a major tax overhaul.
They're looking to replace the current four-slab system with just two rates—5% and 18%.
If this goes through, essentials like ghee, nuts, bottled water, and medical supplies could get cheaper.
Electronics might get cheaper, but luxury items could cost more
Electronics such as select TVs, washing machines, and fridges might see lower taxes at 18%, so prices could drop.
On the flip side, luxury items like high-end cars and air travel may become more expensive.
The catch? These changes could mean a huge ₹1.85 lakh crore revenue loss for the government—raising concerns among states about how they'll be compensated.