GST rate cuts announced by FM Sitharaman! 5% and 18% to be two main slabs; new rates effective September 22

Finance Minister Nirmala Sitharaman announced significant GST rate cuts following the 56th GST Council meeting, implementing a two-tier structure of 5% and 18% effective September 22. The rate rationalization, supported by all states, aims to benefit the common man by consolidating rates and reallocating items across tax slabs.