New Delhi, Sept. 9 -- Reduction and rationalisation of Goods and Services Tax slabs - reducing them to two, and exempting certain items, including premiums for health and life insurance - were 18 months in the making, Union Finance Minister Nirmala Sitharaman said at an NDTV summit Tuesday.

They were also not a response to outrageous tariffs of 50 per cent announced by Donald Trump, she stressed, responding to whispers the GST revisions were put together to spur domestic demand to counter the impact - potentially USD 48 billion - on exports to the United States.

Sitharaman said the GST framework overhaul was discussed even before last year's Union Budget, when Prime Minister Narendra Modi reminded her about relief for the 'aam aadmi'. ...