The GST Council has approved a new 40% tax slab for sin and luxury goods, set to replace the existing cess. While the implementation date is pending, 5% and 18% slabs take effect from September 22. Finance Minister Nirmala Sitharaman announced the move, highlighting reduced tax burdens for the common person. Post navigation GST reforms: 0% GST on individual health and life insurance; reduced from 18% Small cars, two-wheelers under 350cc, TVs, ACs and dishwasher prices to come down on GST cut
