Centre Proposes Reducing GST Slabs From 4 To 2, May Retain 5%, 18%: Sources

The Centre has proposed that only two slabs for Goods and Services Tax (GST) be retained - 5 per cent and 18 percent - as per sources. Under this proposal, 90 per cent of the items in the 28 per cent will be moved to the 18 per cent slab, while 99 per cent of the items in the 12 per cent slab will be moved to the five per cent slab, the sources added. A special 40 per cent rate will apply to luxur…