New GST Rates Today, Sept. 22 -- India's indirect tax system is getting overhauled from Monday, September 22, with Goods and Services Tax (GST) rates slashed on at least 375 items in an effort to boost the economy amid tariff uncertainties.

In a festive cheer for consumers across India, the 56th GST Council, chaired by Finance Minister Nirmala Sitharaman, decided earlier this month to reduce tax rates on goods and services. Starting today, there will be just two GST slabs - 5% and 18% - replacing the earlier four GST slabs.

Following the rejig, approximately 99% of goods under the 12% GST slab have moved to 5%, while 90% of items under the 28% slab now fall into the 18% bracket.

The government has also announced a separate 40% GST slab...