GST 2.0 Reform Committee
▪ It is a group of State Finance Ministers on next-generation Goods and Services Tax (GST 2.0
reform).
▪ The Finance Ministry last week recommended to the GST review committee to reduce the existing four GST rates of 5%, 12%, 18%, and 28% into two slabs of 5% and 18%, and to retain a 40% tax rate only on 7 items.
▪ It also has a plan to provide GST exemption on insurance premium amounts.
