New Delhi Bureau: Union Finance Minister Nirmala Sitharaman chaired the 56th GST Council meeting today in Delhi. The meeting began at Tamil Nadu House at 9 am. Telangana Deputy CM Mallu Bhatti Vikramarka, Andhra Pradesh Finance Minister Payyavula Keshav, and other state ministers attended.
At 11 am, the main session started at Sushma Swaraj Bhavan. The Council focused on simplifying GST slabs, reducing rates, and addressing state compensation issues. Officials discussed merging the four slabs—5%, 12%, 18%, and 28%—into just two, 5% and 18%.
Sources said health and life insurance sectors may see lower GST rates, offering relief to common citizens. The Council also discussed easing compliance for small traders. Ministers reviewed the future of the GST compensation cess, a matter crucial for state finances.
The meeting also examined GST on drones, where changes appear likely. Reports suggest the Centre may implement rate cuts soon after the meeting ends. This possibility has created hope among salaried individuals. Last year, in Jaisalmer, the Council reduced GST on rice and essential goods to 5% and amended rules for pre-packaged items.
