New Delhi, Aug. 21 -- India's long-awaited overhaul of the Goods and Services Tax (GST) has taken a major step forward, with the Group of Ministers (GoM) on rate rationalisation agreeing to cut the current four-slab system down to two.

At a key meeting on Thursday, the panel of state ministers endorsed the Centre's proposal to streamline GST into two primary slabs-5% and 18%, according to an India Today report.

The new structure, dubbed GST 2.0, is designed to simplify compliance, reduce burden on households and businesses, and create a more transparent tax regime.

The meeting was chaired by Bihar Deputy Chief Minister Samrat Choudhary, and attended by Uttar Pradesh Finance Minister Suresh Kumar Khanna, Rajasthan Health Minister Gajend...