GST Council Likely to Approve 5% and 18% Two-Slab Structure: Big Reforms Coming by Diwali

The GST Council is likely to approve a "5 percent and 18 percent two-slab structure," with big reforms coming by Diwali. The reforms, which are aimed at simplifying the tax structure and reducing the number of tax slabs, are expected to have a profound impact on taxpayers. The move is a significant step towards a more efficient and less intrusive tax environment.