India, Sept. 4 -- Finance minister Nirmala Sitharaman on Wednesday announced sweeping changes to the Goods and Services Tax (GST) regime after the 56th GST Council meeting in New Delhi.

Billed as the "Next-Gen GST Reform", the move rationalises the tax structure to two main slabs of 5% and 18% by merging the earlier 12% and 28% rates. A landmark decision also exempts all individual life and health insurance policies from GST, which the minister called a "historic Diwali gift" for citizens.

The changes are set to lower costs on essential goods and services, while certain luxury items and "sin goods" will see higher rates. Here are the top Frequently Asked Questions (FAQs) answered:

When will the changes in GST rates come into force?

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