Prime Minister Narendra Modi had announced sweeping GST reforms in his Independence Day speech, the first such major revamp. The Centre proposes to scrap the 12% and 18% slabs, while retaining 5% and 18%, with most daily use items taxed at the lowest slab. “Biscuits, which have nearuniversal usage, are overwhelmingly consumed down to the smallest village, priced at `5-10,” said Varun Berry, executive vice-chairman and managing director, Britannia Industries.