India, Sept. 3 -- Union Finance Minister Nirmala Sitharaman is set to give shape to Prime Minister Narendra Modi's clarion call for GST reforms, when she chairs the 58th GST Council meeting today and tomorrow. On the agenda are rate cuts for 175 items-from cars to soap and air-conditioners- as well as rationalisation of a four-tier system to two.

The GST Council meeting brings together the union and state finance ministers for a singular agenda of GST reforms, including rate rationalisation, simpler compliance, and potential new compensation mechanisms. An officers' meeting was held on Tuesday to lay the groundwork before the council meets.

A two-slab structure is being proposed-5% for essential goods and 18% for non-essentials- from fo...