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THe exchange authorities has proposed 2 rates – 5% and 18% – below the revamped Goods and Services assess regime, PTI reported on Friday, citing government sources.According to the sources, about 90% of taxable items in the existing 28% bracket are likely to shift to the 18% slab in the revamped regime.According to sources cited by PTI, common man items and daily-use products are likely to be taxed at 5% in the revamped GST regime, while a special 40% GST might be applicable on luxury goods.The development comes hours after Prime Minister Narendra Modi announced, during his speech on Independence Day, that the government was set to bring a major reform in GST, which would significantly relieve consumers and small businesses.The PM stated that the revisions in the GST would be rolled out around Diwali and described them as a "double Diwali gift" for the people.Also Read | In I-Day speech, PM Modi stresses on self-reliance, national security"This Diwali, I am going to give you a 'double Diwali' gift. A major announcement is coming for the people of the country. Over the past eight years, we implemented a major GST reform that significantly reduced the tax burden across the nation. Now, after eight years, the time has come to review it. We have formed a high-powered committee to begin this review process and have held consultations with the states as well. We are now bringing in next-generation GST reforms. This will become a Diwali gift for the nation," PM Modi said.Also Read | ₹15,000 in first private job': PM Modi announces Viksit Bharat Rozgar Yojana for youth">' ₹15,000 in first private job': PM Modi announces Viksit Bharat Rozgar Yojana for youth"Tax rates on essential goods and daily needs will be reduced under a simplified framework. This will bring significant relief and convenience. Our MSMEs and small industries will also benefit greatly from these changes," he added.The government has previously said that it wants to change GST rates and reduce the number of brackets, referring to tax rates for different categories, under a tax regime introduced in 2017.The country currently levies GST at 5%, 12%, 18% and 28% on most goods and services, excluding gold and silver, and applies an additional levy on so-called demerit items such as cigarettes and high-end cars.

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Centre to slash GST on 90% of taxable items in 28% bracket to 18%: Report

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