GST Council scraps 12% and 28% slabs, adopts dual 5% and 18% rates with 40% for sin goods; major relief for citizens and MSMEs, but states brace for ₹93,000 crore revenue gap and seek compensation. Post navigation GST rate cuts announced by FM Sitharaman! 5% and 18% to be two main slabs; new rates effective September 22 GST reforms: 0% GST on individual health and life insurance; reduced from 18%
