New Delhi: The much-anticipated GST Council meeting kicks off today, raising hopes of relief for the common man as discussions center on a major overhaul of tax slabs.
The two-day session, chaired by Finance Minister Nirmala Sitharaman, will review a proposal to merge the existing four slabs of 5%, 12%, 18%, and 28% into just two — 5% and 18%.
If approved, consumers could see lower GST rates on small cars, cement, leather products, packaged foods, and textiles. The council is also considering a complete GST exemption for medical and term insurance, potentially offering significant savings for households.
But the move faces stiff resistance from opposition-ruled states like Kerala, which warn that such tax cuts without revenue compensation could strain state finances. They insist reforms must balance consumer relief with the financial realities of states.
