GST Council Fast-Tracks New Slabs, Rollout Preponed To Lift Festive Sales

The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, will meet in Delhi on 3–4 September to finalise the government’s proposal for simplified GST slabs. Sources suggest the new rates could be rolled out by 22 September, coinciding with Navratri. Prime Minister Narendra Modi, in his Independence Day address, announced “next-generation” GST reforms to ease the tax burden on the common man, calling it a Diwali gift. The plan involves a two-rate system of 5% and 18%, though concerns remain over sectoral slowdowns and how states will be compensated for revenue losses. In this discussion, experts Abhishek A Rastogi and Maulik Manakiwala explain the opportunities, challenges, and the likely impact of the new GST regime on consumers and state finances.