Finance Minister Nirmala Sitharaman
In a major tax reform, the GST Council on Wednesday agreed to cut GST slabs to two: 5% and 18%. The existing 12% and 28% will be eliminated, effectively reducing the prices of several items.
In a late evening media briefing, finance minister Nirmala Sitharaman said that this is not just GST rate rationalisation but a “structural reform” which will ease compliance. She added that rates of most common use items have come down.
The changes in GST rates of all goods, except pan masala, gutkha, cigarettes, chewing tobacco products like zarda, unmanufactured tobacco and bidi, will be implemented with effect from September 22.
Here’s the full exhaustive list of items along with their new GST rates:
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