New Delhi, Sept. 3 -- In a significant simplification in the GST regime, which will benefit the common man, Finance Minister Nirmala Sitharaman on Wednesday announced consolidation of 12% and 18% slabs into a dual rate structure of 5% and 18% besides 40% for sin goods.

The simplification is part of the "Next-Generation GST" reform initiative, designed to boost affordability, consumption, and economic efficiency.

"In common man and middle class items, there is a complete reduction. This reform is not just about rationalising rates. It's also on structural reforms. It's also about ease of living, so that businesses can conduct their operations with the GST with great ease. We've reduced the slabs. There shall be only two slabs, and we are...