Major GST reset on the cards? Council mulls scrapping 12% slab, lowering tax on insurance, says report

The GST Council is preparing for a major review, potentially reshaping tax rates on consumer goods and addressing the compensation cess arrangement with states. Proposals include eliminating GST on term insurance and reassessing the 12% slab, aiming to balance revenue needs with boosting consumption. The goal is to establish a more stable and predictable tax framework for businesses and consumers.