New Delhi, Aug. 28 -- Indian consumers are set to receive a significant boost as the government moves towards simplifying the Goods and Services Tax (GST) structure by reducing the number of tax slabs and lowering rates on several key items.

The proposed overhaul aims to rationalise rates by migrating from the current four-tier structure to a simplified two-tier system.

According to an analysis by the Bank of Baroda, the major relief comes from lowering the 12 per cent slab to 5 per cent and the 28 per cent slab to 18 per cent. This means a host of consumer goods, particularly fast-moving consumer goods (FMCGs) and durable items, will become more affordable.

The report estimates that 11.4 per cent of Private Final Consumption Expenditu...