Mumbai, Sept. 21 -- Ushering in Navratri, the nine days of festivity and new beginnings, 22 September will also mark a reset in household budgets, as consumption tax rate cuts will make everyday goods-from butter and paneer to hair oil and toothpaste-more affordable.

Earlier this month, the government moved to rationalize the goods and services tax (GST) rates in the country. From 22 September, the old 12% and 28% rates will be merged into 5% and 18%, with nil/exempt still in place. A new 40% slab has been added just for luxury and 'sin' goods such as tobacco, sweet aerated drinks and top-end cars.

While the transition to the new tax slabs will take a fortnight for the new price tags to fully reach store shelves, companies said the bene...