<h1>Proposed GST Reform Introduces Two-Slab Tax Rates of 5% and 18% to Replace Four-Slab System</h1> Senior government officials announced a proposed reform to the goods and services tax (GST) system, introducing a two-slab tax regime with rates of 5% and 18%. This reform aims to replace the existing four-slab structure by eliminating the 12% and 28% rates. The new regime, termed 'Next Gen GST,' is intended to stimulate economic growth and reduce tariff-related risks. Officials indicated that this two-slab system is a transitional step toward establishing a single GST rate by 2047, subject to approval by the GST Council.