FM says GST rates to be reduced further, rationalised; Congress demands overhaul. Revenue neutral rate (RNR), which was 15.8 per cent when GST was introduced in July 2017, has now come down to 11.4 per cent in 2023 and will decrease further. Congress leader Jairam Ramesh said that the government must focus on creating a simplified and less punitive GST system instead of just reducing tax rates on select items. He pointed out that the party had proposed a \”GST 2.0\” in its 2024 Lok Sabha election manifesto, which aimed to make the tax system truly \”Good and Simple\” The goal is to have more retail investors in public sector banks, which will enhance public participation in the banking sector, FM Sitharaman said. The GST Council, which is led by the Finance Minister and includes state finance ministers, is expected to take a final decision soon. The rationalisation process includes reducing the number of tax slabs, streamlining rates, and addressing key concerns raised by different industries.