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.

NEW DELHI: India’s federal government has not quantified the loss to the exchequer due to a lowering of the goods and services tax rates but a state ministers’ panel has endorsed the new rate ...

GST GoM approves Centre’s proposal to replace 4-tier system with 5% and 18% slabs; luxury goods to face 40% tax.

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He warned that any decline in State revenues could severely impact welfare schemes and infrastructure projects for ...

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The panel is tasked with reviewing the Centre’s proposal to move 99 per cent of goods currently taxed at 12% to the 5% slab and 90 per cent of goods and services in the 28% slab to the 18% bracket.

The Indian stock market is witnessing a surge, with the benchmark Sensex gaining 2,000 points in six consecutive sessions, marking its longest winning streak since April.

The GoM on GST rate rationalisation has accepted the Centre’s proposal to collapse 12% and 28% slabs into a two-slab structure of 5% and 18%, with 40% on luxury and sin goods.