Bengaluru, July 2 -- The Goods and Services Tax (GST) Council is expected to take up key reforms in its upcoming meeting, with discussions likely to focus on reducing the 12 percent tax slab and clarifying the tax treatment of service intermediaries a move that could bring significant relief worth thousands of crores to the industry, according to a few sources.

The government is reportedly exploring the idea of phasing out the 12 percent GST slab. Under the proposed restructuring, many items currently taxed at 12 percent, such as toothpaste, umbrellas, sewing machines, and kitchen utensils, could be moved to the lower 5 percent category. This rationalisation effort aims to simplify the tax structure and ease the burden on consumers.

The...