GST Reform Discussions Heat Up

NEW DELHI: In a significant move towards reforming the Goods and Services Tax (GST), a group of ministers, led by Bihar's Deputy CM Samrat Chaudhary, is set to meet next week. This meeting comes at a time when there's growing debate over reducing GST rates for various products.

Opposition's Stance and Government's Efforts

While some members, particularly from the Opposition, advocate for maintaining current GST slabs and rates to safeguard revenue, the government has been actively working on potential adjustments. Another committee is focusing on the possibility of lowering or eliminating GST on health and term life insurance policies, a proposal facing less resistance and nearing finalization.

Collaborative Efforts for Tax Regime Revamp

Over the coming weeks, both the central and state governments are expected to collaborate on overhauling the eight-year-old GST framework. This includes revisiting the cess mechanism to mitigate any adverse effects on state revenues.

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