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New Delhi: From automobiles and electronics to food items and medicines, as many as 375 goods and services will become cheaper from Monday (September 22), as the new GST framework comes into effect.
The major rate rationalisation, approved by the GST Council earlier this year, reduces the tax structure from four slabs to just two — 5 per cent and 18 per cent.
A special 40 per cent rate will apply on a select list of luxury and sin goods.
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Finance Minister Nirmala Sitharaman had described the reform as a “Diwali gift” for consumers, saying the move will not only lower costs for the middle class but also make business operations s