New Delhi, Sept. 4 -- The 56th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman on Wednesday, approved a two-tier GST rate structure of 5% and 18%. The new structure will come into effect from September 22.

Addressing a press conference, Finance Minister Nirmala Sitharaman said the Council's decisions focus on key economic drivers - farmers, agriculture, and health.

Among major announcements, the Council approved a 40% special tax on sin goods, including cigarettes, paan masala, and gutkha. However, for all other products, the revised GST rates will apply starting September 22.

Significantly, the Council has reduced GST on 33 life-saving drugs - including cancer and rare disease treatments - from 12% to 0%.

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