GST Council Close to Finalizing Fewer, Lower Tax Rates: FM Sitharaman

The GST Council is nearing a decision on reducing and rationalizing tax rates, as stated by Finance Minister Nirmala Sitharaman. The focus is on simplifying the GST structure and making it more taxpayer-friendly. This could lead to fewer tax slabs and lower rates for certain goods and services. The move aims to boost compliance and reduce the burden on businesses, especially MSMEs. The Council is also working on addressing technical glitches and improving the GSTN portal. These changes are expected to enhance the efficiency of the GST regime and support economic growth.