Wed Sep 03 17:44:31 UTC 2025: Okay, here’s a news article summarizing the provided text:

**GST Council Streamlines Tax Structure, Slashes Four Slabs to Two**

**NEW DELHI** – In a significant overhaul of the Goods and Services Tax (GST) structure, the GST Council, led by Finance Minister Nirmala Sitharaman, has decided to consolidate the existing four tax slabs into a simplified two-slab system.

During the council’s meeting, a consensus was reached to eliminate the 12 percent and 28 percent GST rates. The 5 percent and 18 percent rates will be retained, according to sources.

The move is aimed at simplifying the GST regime, reducing complexity and promoting ease of compliance for businesses. While the exact timeline for implementation hasn’t been officially announced, the decision is expected to have a significant impact on various sectors of the economy, leading to potential price adjustments and streamlining of tax procedures.

Further details regarding the specific items that will fall under the revised tax brackets are expected to be released soon by the GST Council. The impact on government revenue is also being assessed.

Read More