The Goods and Services Tax (GST) Council, under the leadership of Finance Minister Nirmala Sitharaman, convened its 56th meeting in Delhi, resulting in several key decisions aimed at streamlining the tax structure. A major outcome of the meeting was the restructuring of GST rates, with the elimination of the 12% and 18% tax slabs. The council has now approved a simplified two-tier system, with rates set at 5% and 18%. These changes, designed to benefit the public, will come into effect on September 22nd.
During a press conference following the meeting, Sitharaman outlined the items that would become cheaper, highlighting the government’s focus on the common citizen. The decisions reflect consideration for various segments of society, from farmers to laborers. The meeting saw unanimous support from all state finance ministers. Zero-rated items include milk, paneer, pizza, bread, roti, and paratha.