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<h1>GST slab rationalization eases tax burdens, cutting rates on consumer goods and insurance and prompting market rally.</h1> The GST Council approved rationalizing the tax framework by consolidating slabs to 5 per cent and 18 per cent, reallocating goods and services to lower tax burdens on common consumer items and reducing or eliminating tax on personal health and life insurance, thereby simplifying rates and altering tax incidence with likely consumption and market effects.