<h1>Finance Minister Signals Potential Reduction in GST Tax Slabs, Aims to Simplify Rates for Everyday Items</h1> The GST Council is nearing a decision on reducing the number of tax slabs and lowering rates, according to the Finance Minister. Currently, GST operates on a four-tier system with rates of 5, 12, 18, and 28 percent. A group of ministers has been tasked with suggesting changes. The Finance Minister emphasized the importance of simplifying rates, particularly for everyday items. Additionally, the recent Union Budget proposes increased capital expenditure of Rs 11.21 lakh crore, reflecting strong economic fundamentals, while maintaining the old tax regime. The fiscal deficit target for FY26 is set at 4.4 percent of GDP.