GST
A panel of state finance ministers has started deliberations on the Centre’s proposal to simplify India’s Goods and Services Tax (GST) by reducing the current four tax slabs to two.
A panel of state finance ministers on Thursday began deliberations on the Centre’s proposal to streamline India’s Goods and Services Tax (GST) by cutting the number of tax slabs to two.
The six-member Group of Ministers (GoM), chaired by Bihar Deputy Chief Minister Samrat Choudhary, is examining a plan to reduce the four current GST slabs of 5%, 12%, 18% and 28% to two rates of 5% and 18%.
The reform proposal comes alongside a separate recommendation to exempt GST on individual health and life insurance premiums, currently taxed at 18%.
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