GoM Accepts Two-Slab GST Structure Proposal

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.

- AGENCIES

The proposal, placed before the six-member GoM led by Bihar Deputy Chief Minister Samrat Choudhary, aims to replace the current four rates of 5, 12, 18 and 28 per cent with just two main slabs.

Under the new structure, 'merit' goods and services will attract 5 per cent GST, while most other items (standard) will come under an 18 per cent standard rate.