New GST rates will come into effect from Sept. 22
New Delhi: The Goods and Services Tax (GST) Council yesterday approved a complete overhaul of India’s tax consumption tax since its launch in 2017, slashing duties on household essentials, medicines, small cars and appliances and affecting everything from toothpaste and insurance to tractors and cement. The Council approved the rate overhaul by limiting slabs to 5% and 18%, as the Centre seeks to boost domestic spending and cushion the economic blow of the US tariffs imposed on Indian goods.
