GST revamp on track: GoM backs Centres two-slab plan; accepts scrapping 2% and 28% rates

A Group of Ministers (GoM) has accepted a proposal to streamline the GST rate structure, reducing it from four slabs to two. The existing 12% and 28% rates would be eliminated, leaving standard rates of 5% and 18%. This reform aims to simplify the indirect tax system, provide relief to various sectors, and create a more transparent and growth-oriented regime.