The 56th GST Council meeting is underway in New Delhi, chaired by Finance Minister Nirmala Sitharaman. On the agenda are major GST reforms, including rate rationalization and simplifying compliance, which could lower prices for essential items. However, opposition-ruled states, along with some BJP-ruled states, have raised concerns about potential revenue losses. These states are demanding a revenue protection and compensation plan to be put in place. Another key demand is to ensure companies do not engage in profiteering and pass on the benefits of reduced GST to consumers. There is speculation about the implementation date for the new rates, with global consultancy firm PWC India suggesting it could be as soon as September 5th. One source stated, "I’ll not rule out the possibility of it happening from midnight on September 5th." The government’s focus is on structural reforms for a simpler tax system.
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