Household Budgets To See A Significant Reduction With GST Reforms
Finance Minister Nirmala Sitharaman on Wednesday announced key revisions to the Goods and Services Tax (GST) rates, bringing relief to middle and lower-income groups.
The new framework will now have two slabs - 5% and 18% - replacing the earlier four slabs of 5%, 12%, 18% and 28%. A special 40% slab has been proposed for a select category of items such as high-end cars, tobacco, and cigarettes, which are considered luxury or sin goods.
