New Delhi, Aug. 22 -- The Group of Ministers (GoM) on GST rate rationalisation on Thursday accepted the Centre's proposal to restructure the indirect tax system by reducing the number of slabs to two ie 5 percent and 18 percent. The six member Group of Ministers, headed by Bihar Deputy Chief Minister Samrat Choudhary, accepted the Centre's proposal of reducing the number of slabs under the Goods and Services Tax (GST) to two (5 and 18 per cent) from four (5, 12, 18, and 28 per cent).
While the GoM was in favour of rate and slab rejig if it benefited the common man, some members wanted ultra-luxury items, like high-end cars, to be subject to an additional levy on top of the special 40 per cent tax.
Under the plan, 99 per cent of items curr...