Overview

• A Group of Ministers has endorsed replacing the 12% and 28% slabs with a simplified 5% and 18% structure plus a 40% band for select sin and ultra‑luxury goods.
• The GST Council is scheduled for Sept. 3–4 after an officers’ meeting on Sept. 2, with reports indicating notifications could follow within 5–7 days and implementation targeted around Navratri.
• Fitment committee estimates indicate a near‑term revenue gap of about Rs 40,000 crore, alongside an additional hit of roughly Rs 20,000 crore from foregone online‑gaming GST and TDS.
• The Centre has proposed exempting individual health and life insurance premiums from GST, a recommendation discussed by the insurance GoM for Council consideration.
• Retailers and automakers are preparing for a festive‑season demand lift, and industry groups are urging an early rollout to boost sales of electronics, consumer durables, small cars and two‑wheelers.