New Delhi, Aug. 16 -- Prime Minister Modi's announcement of sweeping GST reforms has received significant praise from the industry and business community.

PM Modi, in his address to the nation, announced that the government will revisit the provisions of GST and reform the structure.

After PM's speech, government sources said that the Centre has proposed to scrap the current slab of 12 per cent and 28 per cent of GST rates and keep only 5 per cent and 18 per cent GST rates.

They further added that as part of the initiative, 99 per cent of the 12 per cent slab is proposed to move to the 5 per cent slab, and 90 per cent of the items in the 28 per cent slab are proposed to move to the 18 per cent slab.

Chairman of India Cellular & Electr...