The 56th meeting of the Goods and Services Tax (GST) Council has officially concluded in New Delhi. Finance Minister Nirmala Sitharaman will address a press conference at 10:00 pm tonight from the National Media Centre to brief the nation on the key outcomes and decisions taken during the discussions.
According to the update from the Ministry of Finance, the briefing will also be live-streamed on PIB India's official channels and on Doordarshan. Stakeholders, businesses, and taxpayers across the country are keenly awaiting announcements, as several high-stakes proposals were on the agenda, including GST rationalisation, changes in slabs, and possible revisions to rates on select goods such as FMCG, footwear, and tobacco products.
This Council meeting, chaired by the Union Finance Minister and attended by state finance ministers, comes amid rising expectations of a two-rate GST structure under GST 2.0 reforms. Industry participants and economists have flagged the potential impact on consumption, compliance, and state revenues depending on the final decisions.
The upcoming briefing is expected to provide clarity on whether the long-debated structural reforms, including rationalisation of 12% and 28% slabs, have received approval, and what measures will be rolled out to address revenue concerns raised by several states.