All eyes are set on New Delhi, where the high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, is scheduled to meet on September 3-4. One of the most anticipated reforms— a possible shift to a two-slab Goods and Services Tax (GST) structure— is expected to be on the table.

Yet, fresh signals emerging from North Block suggest that the council may tread cautiously on this contentious change. The Central Board of Indirect Taxes and Customs (CBIC) has already moved to tamp market chatter by advising the public and media against speculating on GST rate revisions, a cue that the discussion could remain consultative rather than conclusive.

Officials familiar with the agenda indicate that although long-term simplification of GST slabs is widely supported, immediate political and revenue considerations might push the decision further down the road to the next meeting. With states still cautious about any revenue risk, observers believe the council could prioritise compliance easing and sector-specific reliefs over a sweeping rate restructuring.

If so, the much discussed two-slab GST may see the light of day just not yet.