Govt reveals plan for GST reduction after PM Modi's announcement
After PM Narendra Modi's 'Diwali gift' announcement on Independence Day, Finance Ministry proposed reforms in GST, focussing on three pillars- structural reforms, rate rationalisation and ease of living. Rate rationalisation involves reduction of taxes on common-man items and moving towards a simple tax with 2 slabs - standard and merit. Special rates will be applicable only for select few items.