India, Sept. 7 -- Following the 56th GST Council meeting on Wednesday, September 3, 2025, people began debating what's getting cheaper and what's set to burn a hole in their pockets. The government has rolled out a major reform of India's Goods and Services Tax (GST) regime.

From September 22, 2025, the new taxation regime, GST 2.0, will come into effect with three slabs - 5%, 18%, and a special 40% for luxury goods and a select other items. This replaces the 2017 multi-slab structure, which was not only complex but also tough to comply with.

The timing cannot be more interesting. For one, the Centre is looking to nudge domestic spending at a time when the Indian economy is grappling with US tariffs on Indian goods. Even so, the new rat...