In a move poised to benefit consumers and businesses alike, the GST Council has implemented substantial changes to the tax structure. The 56th GST Council meeting, convened in New Delhi, finalized reductions in the Goods and Services Tax (GST) rates for a wide array of products. These changes, which impact items ranging from daily necessities and food items to pharmaceuticals, agricultural tools, and electronics, are scheduled to take effect during the auspicious occasion of Navratri.
The meeting, presided over by the Union Finance Minister, determined that the 12% and 28% tax slabs would be abolished, while the 5% and 18% slabs will be retained. Moreover, the GST on certain essential goods has been set to zero.