GST Simplified to Two Slabs; New Rates Effective September 22 The Indian government has approved a significant reform to the Goods and Services Tax (GST), simplifying the current four-tier structure into a two-tier system of 5% and 18%, effective September 22. This move is aimed at boosting consumption and easing the tax burden on citizens, with numerous household items, electronics, and automobiles seeing a reduction in their GST rates. For instance, consumer goods like hair oil, toothpaste, an

Do you know how are GST Rates determined? The GST rate slabs are decided by the GST Council. The GST Council revises the rate slab of goods & services periodically. The GST rates are usually high for luxury supplies and low for essential needs. In India GST rate for various goods and services is divided into four slabs: they are 5% GST, 12% GST, 18% GST, & 28% GST. The GST rates for various products have been revised several times by the GST council since the inception of the Goods and Services

India's tax system is a mix of Central and State levies, primarily split into Direct Taxes (Income Tax, Corporate Tax) and Indirect Taxes, with the major indirect tax being the unified Goods and Services Tax (GST), replacing many older indirect taxes like VAT and Service Tax. Individuals face a progressive income tax with slabs, choosing between old (with deductions) or new (simpler, fewer deductions) regimes, while corporations pay taxes on profits, and GST applies to most goods and services. D