New Delhi, Sept. 3 -- The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will begin on September 3 and will conclude on September 4. There are high expectations regarding potential rate rationalisation.

The Council is likely to scrap the existing 12 per cent and 28% GST slabs, moving towards a two-tier structure of 18 per cent and 5 per cent. Additionally, a 40 per cent GST slab is anticipated for 'sin' goods like tobacco and other luxury items.

"The GST Council meeting (September 3-4) is expected to be a pivotal event, with anticipations of a potential tax rationalizations-especially benefiting consumption-led plays like auto and FMCG sectors," said Arsh Mogre, Economist, PL Capital.

As the GST Council...