GST Council approves two-rate tax slab effective September 22

The Goods and Services Tax (GST) Council, during its 56th meeting, decided to revamp the tax structure into a primarily two-rate system as proposed by the Central government, Union Finance Minister Nirmala Sitharaman announced on Wednesday. She added that the decisions would come into effect from September 22 for most items. Only tobacco and tobacco-related products will move to the new structure…