India, Sept. 4 -- The new framework from September 22 - coinciding with the first day of Navratri - will replace the existing four-tier system with two primary rates of 5 and 18 per cent, along with a special 40 per cent slab for luxury and sin goods.

In what is being described as the most sweeping overhaul of India's indirect tax regime since its launch in 2017, the Goods and Services Tax (GST) Council on Wednesday approved a simplified two-slab structure. The new framework, to be rolled out on September 22 - coinciding with the first day of Navratri - will replace the existing four-tier system with two primary rates of 5 and 18 per cent, along with a special 40 per cent slab for luxury and sin goods.

Announcing the decision, Finance M...