New Delhi, Sept. 2 -- The 56th meeting of the Goods and Services Tax (GST) Council is set to begin in the national capital tomorrow, spanning two days from September 3 to 4.

Expectations are running high as the Council is likely to decide to streamline the indirect tax regime by reducing the current four GST slabs to just two, in a move aimed at simplifying compliance and enhancing efficiency.

According to government sources, the Central Government proposes to eliminate 12 per cent and 28 per cent GST rates, retaining only 5 per cent and 18 per cent GST rates.

Government sources said that as part of the initiative, 99 per cent of the 12 per cent slab are proposed to be moved to the 5 per cent slab, and 90 per cent of items in the 28 pe...