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

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

About 99 per cent of goods under the 12% GST slab have moved to 5%. The rejig also means that 90 per cent items under 28% tax slab are coming down to 18% bracket.

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