India, Sept. 4 -- The Indian government on Wednesday announced a rate cut for the Goods and Services Tax (GST) on hundreds of goods, ranging from cars, washing machines, to small consumer goods like toothbrushes and toothpastes.

This major tax overhaul, which will be implemented from September 22, will replace the existing tiers of 5,12,18, and 28 per cent with a two-slab system - 5 per cent and 18 per cent. Follow for live updates on GST news

Life insurance: All individual life insurance policies have been exempted from GST, including term life, ULIP or endowment policies, making insurance affordable for the common man, aiming to increase the insurance coverage in the country.

Common items: GST on common items of daily use, such as ha...