GoM supports Centre's proposal to simplify GST slabs, but opposition states seek clarity on revenue loss and compensation measures.

A key meeting of the Group of Ministers (GoM) on GST rate rationalisation on Thursday ended with state finance minister accepting the Centre’s plan to reduce the number of tax slabs.

GST GoM approves Centre’s proposal to replace 4-tier system with 5% and 18% slabs; luxury goods to face 40% tax.

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GoM backs GST 2.0, cutting slabs to 5% and 18%, promising tax relief for households, farmers, MSMEs and businesses. | One of ...