New GST: 175 products will be cheap, only 2 rates 5% and 18%, new rates will be applicable from September 22

Big news has come out about GST. The central government has taken a big decision on GST. The GST Council will remove 2 slab rates of GST. 12 per cent and 28 per cent tax rates have been abolished. Bihar Deputy Chief Minister Samrat Chaudhary said that the new GST rates will be applicable from September 22. The West Bengal Finance Minister said that the total revenue loss is estimated to be Rs 47,700 crore by rationalizing the GST rate.

What did the finance minister say in the press conference

Powder milk, zero percent GST on pizza

Hair oil, soap etc. will now have 5 % GST.

Everyday items will be cheap.

PM Modi decided the direction of the next generation reforms.

Now only 5 and 18 percent tax will remain slabs

12 percent and 18 percent tax slab ends

40 percent tax on luxury and tobacco products

GST Council approves two tax slabs

The GST Council on Wednesday approved the two-level tax structure of five percent and 18 percent under comprehensive reforms in Goods and Services Tax. This system will be applicable from 22 September. Bihar Deputy Chief Minister Samrat Chaudhary said that all state rates are in favor of rationalization. This decision is taken unanimously. West Bengal Finance Minister Chandra Bhattacharya said that the total loss would be Rs 47,700 crore by rationalizing GST rates. Uttar Pradesh Finance Minister Suresh Khanna said that no decision has been taken about tax on harm or harmful items and later on tax will be taken on more than 40 percent tax. The 56th meeting of GST Council lasted more than 10 hours. In this, the Center and the states discussed major tax proposals.