<h1>Markets rally as government unveils draft GST slab overhaul; tax shifts to 5% and 18% could reshape autos, cement, insurance</h1> Markets rallied after the central government circulated a draft of comprehensive GST reforms to state governments seeking cooperation to implement changes before Diwali, and after a sovereign credit upgrade by a ratings agency; benchmark indices rose sharply with heavy gains in autos and consumer durables while some large-cap stocks lagged. The proposal seeks to rework tax slabs, likely shifting many items to 5% and 18% and reducing the highest 28% slab, which could materially alter sector tax burdens and regulatory compliance for industries such as automobiles, cement and insurance.