<h1>GST Council approves major rate restructuring, exempts some goods and insurance, effective Sept 22; opposition demands five-year state compensation</h1> The GST Council approved a major restructuring of the GST regime, reducing rate slabs and exempting certain insurance and everyday goods, effective Sept 22. An opposition party labeled the measures incremental and demanded five years of compensation to states using 2024-25 as the base year, citing likely revenue shortfalls from rate cuts. The opposition also urged simplification of compliance to relieve MSMEs and flagged concerns about the Council's role after executive pre-announcements. Supporters view rate rationalisation as overdue; critics question timing, adequacy of revenue protection for states, and whether reforms will spur investment.