The 56th GST Council meeting will roll out next-gen reforms that are able to set an open and transparent economy. Finance Minister Nirmala Sitharaman announced this at the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank, where President Droupadi Murmu was the chief guest. She urged banks to expand credit and support MSMEs, stressing the principles of trust, technology, and transparency.where the Centre is expected to propose a major reform by eliminating the 12% and 28% tax slabs, retaining only 5% and 18%. The move, coming after PM Modi’s Independence Day promise of a “big Diwali gift,” signals one of the most ambitious GST overhauls since its launch.
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