Tax Cut Bonanza Cleared in GST Regime Overhaul

New Delhi: The GST Council has approved a major tax cut in a significant overhaul of India's tax system. After this change, more than 90% of goods, including household essentials, medicines, small cars, and appliances, will become cheaper. The government has replaced the four-slab GST structure with two main rates of 5% and 18%. However, luxury and sin goods like cigarettes and luxury cars will attract a special 40% tax. This change will be effective from September 22, and is expected to provide significant relief to the common man and the middle class.

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