https://www.taxtmi.com/news?id=54555 The GST Council approved an overhaul consolidating slabs principally to 5% and 18% and exempting individual life and health insurance premiums. Opposition parties described the changes as incremental and demanded a fuller GST 2.0 with fewer rates, elimination of inverted duty structure, expanded coverage, and simplified compliance for MSMEs. They also demanded five years of state revenue compensation, arguing rate reductions will harm subnational revenues and require protective cooperative-federalism measures. en-us Thu, 04 Sep 2025 11:31:04 +0530 Thu, 04 Sep 2025 11:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=54555 The GST Council approved an overhaul consolidating slabs principally to 5% and 18% and exempting individual life and health insurance premiums. Opposition parties described the changes as incremental and demanded a fuller GST 2.0 with fewer rates, elimination of inverted duty structure, expanded coverage, and simplified compliance for MSMEs. They also demanded five years of state revenue compensation, arguing rate reductions will harm subnational revenues and require protective cooperative-federalism measures. News - Thu, 04 Sep 2025 11:31:04 +0530 https://www.taxtmi.com/news?id=54555