New GST Rates | GST News LIVE | GST News Latest Update | Only 5 And 18% GST Now In Centre's Big Move

The complicated GST slabs that gave headaches to small traders after the flagship tax overhaul came into effect, was cleaned up by the government today, leaving only two slabs -- 5 and 18 per cent. The new structure will be implemented from September 22. For the common man, it means more money in hand. This, the government hopes, will be routed into the economy, giving it a significant boost and having a revenue implication of Rs 48,000 crore.

Read: Individual Life And Health Insurance Policies To Be Exempt From GST

"These reforms have a multi-sectoral and multi-thematic focus, aimed at ensuring ease of living for all citizens and ease of doing business for all," Union Finance Minister Nirmala Sitharaman said after a meeting of the GST Council.

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