The GST Council, chaired by Finance Minister Nirmala Sitharaman, concluded its 56th meeting in Delhi, introducing comprehensive changes to the Goods and Services Tax (GST) system. The key decisions involved the consolidation of tax rates, removing the 12% and 18% slabs in favor of 5% and 18% rates. The new rates will be effective from September 22nd.
Sitharaman announced that the focus was on providing relief to the common people and simplifying the tax structure. Items of daily use have been brought under lower tax rates. The meeting, which took place at the Sushma Swaraj Bhawan in Delhi, had the unanimous support of all state finance ministers. Prime Minister Narendra Modi also shared his congratulations on social media, highlighting the goal of making life easier for the common man and strengthening the economy through GST reforms.