India, Sept. 5 -- The Goods and Services Tax (GST) Council has announced a revised two-tier structure with rates of 5% and 18%. Union finance minister Nirmala Sitharaman said the changes are part of a broader effort to simplify slabs and reduce the compensation cess. The revised rates will come into effect from September 22, lowering prices on a wide range of household goods and consumer electronics.

Under the new system, several high-value electronic items that were earlier taxed at 28% will now fall under the 18% bracket. This includes televisions, air conditioners, refrigerators, dishwashers, and washing machines. The decision is expected to directly bring down retail prices across stores and online platforms.

For mobile phones, ther...