Major reforms in the Goods and Services Tax (GST) framework have been approved during the recent 56th GST Council meeting held at Sushma Swaraj Bhavan in New Delhi. These reforms are designed to make a wide range of goods more affordable for consumers and to provide a boost to various sectors, including pharmaceuticals, agriculture, and technology. The meeting, led by the Union Finance Minister, resulted in a significant restructuring of the tax slabs.
Key decisions include the elimination of the 12% and 28% tax brackets and the maintenance of the 5% and 18% slabs. Furthermore, certain essential items will now be exempt from GST.