A crucial meeting of the GoM of state finance ministers on GST rate rationalisation began on Thursday as they started deliberation on the Centre's proposal to reduce tax slabs to 5 and 18 per cent.

The proposal was put forward by the GST Group of Ministers (GoM) on insurance, which recommended that the exemption would make coverage more affordable and boost penetration in India’s market.

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Vehicle prices to drop as GST slabs cut to 5% and 18%, boosting affordability for cars, bikes and commercial vehicles. | One of India's leading Digital News Agency offering Breaking News round the ...

India's long-awaited overhaul of the Goods and Services Tax (GST) has taken a major step forward, with the Group of Ministers ...