GST Cut From September 22: Will Namkeens, Ice Cream, Cheese & Paratha Become More Affordable?

In a landmark decision, the GST Council led by Finance Minister Nirmala Sitharaman has approved a major simplification of the Goods and Services Tax (GST) structure. Effective from September 22, the system will be streamlined into just two primary tax slabs - 5% and 18%. In addition, a higher 40% slab will apply to luxury and sin goods. The government has described this as a “historic Diwali gift” for citizens and businesses alike, aimed at reducing the cost of living, encouraging consumption, and giving a boost to the economy.