The GST structure may witness a major overhaul as the Group of Ministers (GoM) on rate rationalisation is set to propose a new “special rate” of 35% on aerated drinks and tobacco products, along with a rejig of rates across 148 items. Key proposals include reduced GST on daily-use items like bottled water and bicycles, higher taxes on luxury goods, and exemptions or reductions on health and life insurance premiums, sources told CNBC-TV18.
