A crucial meeting of the GoM of state finance ministers on GST rate rationalisation began on Thursday as they started deliberation on the Centre's proposal to reduce tax slabs to 5 and 18 per cent.

The proposal was put forward by the GST Group of Ministers (GoM) on insurance, which recommended that the exemption would make coverage more affordable and boost penetration in India’s market.

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India's long-awaited overhaul of the Goods and Services Tax (GST) has taken a major step forward, with the Group of Ministers ...