The 23rd Goods and Service Tax (GST) council meeting under the chairmanship of Union finance minister Arun Jaitley has commenced in Guwahati, Assam.
Friday's meeting is likely to witness the largest shake-up in GST rates since its rollout on July 1, with top GST Council members indicating that the rates of some 200 daily-use items might be cut from 28 per cent to 18 per cent.
Expressing his discomfort, former finance minister P Chidambaram took to Twitter remarking, "panic-stricken govt has no option but to concede demands for change."
The Council, comprising state finance ministers, is also set to review the GST returns filing cycle and make it taxpayer friendly.
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The Council may today rationalise rates in sectors where the total incidence of taxation has gone up because the goods were either exempt from excise or attracted lower VAT rates under the previous indirect tax regime.