LIVE: Union Finance Minister Nirmala Sitharaman Addresses Media on 56th GST Council Meeting

Описание: Press Conference by Union Minister Nirmala Sitharaman on the outcomes of 56th GST Council Meeting

The 56th meeting of the Goods and Services Tax (GST) Council began this Wednesday morning, September 3, in New Delhi, chaired by Union Finance Minister Nirmala Sitharaman.

The two-day meeting, running from September 3 to 4, is expected to shape India’s next-generation GST reforms, with structural changes, tax rate rationalisation, and compliance simplification at the heart of discussions.

The meeting follows Prime Minister Narendra Modi’s Independence Day address, in which he stressed the importance of GST reforms for the benefit of the common man, farmers, middle class, and MSMEs. Modi had also promised a “big Diwali gift” in the form of tax relief, particularly on essential goods and services.

Centre’s Push for Next-Gen GST Reforms
The Central Government has outlined a reform agenda based on three pillars: structural reforms, rationalisation of GST rates, and ease of living. A recent Group of Ministers (GoM) meeting supported these proposals, underscoring the government’s focus on building an Atmanirbhar Bharat.

Speaking at an event in Chennai yesterday, Finance Minister Nirmala Sitharaman reiterated the government’s commitment to making tax processes more transparent and business-friendly. “The planned rollout of the next generation of GST reforms with a council meeting tomorrow and the day after… in the coming months, there will be further reduction in compliance burden, making it easier for small businesses to thrive,” she said.

Major Rate Restructuring on the Cards
According to government sources cited by ANI, one of the most significant proposals on the table is the reduction of GST slabs from four to two. Currently, the indirect tax regime includes slabs of 5 per cent, 12 per cent, 18 per cent, and 28 per cent. The government aims to retain only two slabs, 5 per cent and 18 per cent.
Sources revealed that 99 per cent of goods under the 12 per cent slab may be shifted to the 5 per cent category, while 90 per cent of items in the 28 per cent slab could move to the 18 per cent category.

However, a new 40 per cent slab is being proposed for so-called “sin goods” like tobacco and pan masala, ensuring higher taxation on products deemed harmful to public health.

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