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56th GST Council meeting addressed significant changes in Goods and Services Tax ( GST ) rates for both goods and services, alongside measures aimed at trade facilitation and relief for individuals, the common person, and the aspirational middle class. India’s Finance Minister Nirmala Sitharaman introduced the most sweeping reform of the GST regime since its inception, GST 2.0. This new GST regime is aimed at simplifying tax rates , reducing inflation, boosting consumption ahead of the festive season, and rationalising the indirect tax structure through cooperative federalism. The GST Council on Wednesday approved a two-tier rate structure of 5 and 18 per cent, which will be implemented from September 22. New GST rates : The decision was taken after a marathon day-long ... Finance Minister Nirmala Sitharaman announced significant GST rate cuts following the 56th GST Council meeting, implementing a two-tier structure of 5% and 18% effective September 22. The rate ...
