GST Rate Cut Today: What You Need to Know about the New Slabs
GST Rate Cut Today Overview
The GST Rate Cut Today introduces substantial changes to the Goods and Services Tax, effective from September 22. This significant shift will see at least 375 essential items become more affordable, particularly benefiting the middle class and a population of 1.4 billion in India.
What Is Cheaper?
- Everyday items such as soaps, shampoos, and diapers will now attract a reduced 5% GST rate.
- Food products like namkeen, coffee, and butter will also see price drops.
- Household appliances, including air-conditioners and televisions, are now taxed at 18%, reduced from 28%.
Significance of GST Reform
This reform initiative was led by Finance Minister Nirmala Sitharaman after the GST Council meeting. Prime Minister Narendra Modi emphasized that these tax adjustments come as a festive boon as Navratri begins, reflecting the government's effort to ease financial burdens on common people.
Stay tuned for live updates on GST reforms and further implications for the economy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.