A series of significant tax reforms were announced after the 56th GST Council meeting at Sushma Swaraj Bhavan in New Delhi. The revisions will lead to price reductions for a broad spectrum of goods, offering relief to both the general public and various industries. The meeting, chaired by the Union Finance Minister, led to major adjustments in the existing tax structure.
The council decided to eliminate the 12% and 28% tax slabs, while retaining the 5% and 18% slabs. A notable outcome of the meeting was the decision to zero-rate GST on several essential commodities.