New Delhi, September 3(HS): The 56th meeting of the Goods and Services Tax (GST) Council, chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, began in New Delhi on Wednesday. The two-day session is expected to deliberate on proposals for revising GST rates, rationalizing tax slabs, and potential reforms. The decisions are likely to be announced on September 4.

According to the Finance Ministry, discussions are focused on streamlining GST slabs into two—5% and 18%—from the existing four-tier system of 5%, 12%, 18%, and 28%. The council is also reviewing compensation cess and other adjustments aimed at simplifying the nation’s indirect tax structure. If implemented, this would mark the biggest restructuring of GST rates since its rollout eight years ago.

Union Minister of State for Finance Pankaj Chaudhary, along with chief ministers of Delhi, Goa, Haryana, Jammu & Kashmir, Meghalaya, and Odisha, as well as deputy chief ministers from Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana, are attending the meeting. Senior officials including the Governor of Manipur, finance ministers of various states and Union Territories, the Revenue Secretary, and Chairperson of the CBIC, are also participating.

The Centre has put forward what is being described as the largest tax rate rationalization proposal so far, with an aim to simplify compliance and promote economic growth.

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Hindusthan Samachar / Jun Sarkar