<h1>Ministers consider cutting GST to two slabs (5% and 18%), 40% sin levy, insurance GST exemption proposal</h1> A six-member Group of Ministers of state finance ministers met to consider the central government's proposal to rationalise GST rates from four slabs (5, 12, 18, 28%) to two (5% and 18%), including classifying items as 'merit' and 'standard' and imposing a special 40% rate on a handful of sin items. The proposal would reclassify about 99% of items in the 12% bracket to 5% and 90% of the 28% bracket to 18%. Separately, ministers reviewed a proposal to exempt GST on individual health and life insurance (estimated revenue impact ~?9,700 crore) and urged a mechanism to ensure benefits reach policyholders.