Significant relief is on the horizon for the general public and the industry, following major changes to the tax structure decided at the 56th GST Council meeting held Wednesday in New Delhi’s Sushma Swaraj Bhavan. Several everyday items, medicines, agricultural equipment, electronics, and automobiles are set to become more affordable.
The meeting, chaired by the Union Finance Minister, resulted in the decision to eliminate the 12% and 28% tax slabs, while the 5% and 18% slabs will remain unchanged. Additionally, the GST rate on certain essential goods has been set to zero.