New GST Rates, Sept. 4 -- Finance Minister Nirmala Sitharaman on Wednesday announced a major cut in Goods and Services Tax (GST)rates on essential goods, cars, farm equipment, and electronics. The move is being seen as a major reform aimed at providing relief to households, businesses, and the healthcare sector

The GST Council has simplified tax rates by limiting them to 5 per cent and 18 per cent, effective 22 September. A special 40 per cent rate will apply to luxury items like high-end cars and tobacco and cigarettes.

During the press conference on Wednesday night, when it was pointed out that some in the Opposition have questioned the special 40 per cent slab, Sitharaman took a swipe at the Congress.

'Does the Congress party want t...