US EditionTax Cuts and GST Reforms Are Closer than You Think
The GST Council plans to simplify taxation by retaining only 5% and 18% slabs and adding a 40% levy on select luxury goods to boost tax efficiency, officials said.
- The 56th session of the GST Council is scheduled to take place in New Delhi on September 3 and 4, 2025, nearly nine months after its previous meeting in December 2024.
- This meeting follows the Centre's proposal for tax reform to a two-rate GST system of 5% and 18%, endorsed by a Group of Ministers earlier in August.
- The Council will discuss the elimination of 12% and 28% slabs, removal of compensation cess on some 28% slab goods, and new rates on sin and luxury items.
- The chairperson of the Group of Ministers, who is also the Deputy Chief Minister of Bihar, confirmed that the proposals had been sent to the GST Council, while an insider indicated that policymakers are committed to implementing the changes well before Diwali.
- The reforms aim to ease compliance, stimulate consumption, and are planned for implementation before the festive season peaks in October 2025.
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GST Council to Hold 56th Meeting on September 3-4 in Delhi
Get latest articles and stories on Business at LatestLY. The GST Council is a constitutional body responsible for making recommendations on issues related to the implementation of the Goods and Services Tax (GST) in India. Business News | GST Council to Hold 56th Meeting on September 3-4 in Delhi.
Coverage Details
Total News Sources14
Leaning Left3Leaning Right3Center2Last UpdatedBias Distribution38% Left, 38% Right
Bias Distribution
- 38% of the sources lean Left, 38% of the sources lean Right
38% Right
L 38%
C 25%
R 38%
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