India, Sept. 22 -- The GST council earlier this month announced rationalisation of Goods and Services Tax (GST) rates, which came into effect on Monday, September 22. The news rates, significantly benefitting the lower and middle class groups, will be applicable to commodities from soaps to small cars, dry fruits to air conditioners.

As per the new GST structure, the earlier structure of four tax slabs (5%, 12%, 18%, 28%) has been simplified into two tax slabs (5% and 18%). Additionally, a new 40% slab was introduced for 'luxury' or 'sin' goods. Some of the goods will now attract zero GST.

Items that have been included in the 0% GST bracket are stationery items, including exercise books, notebooks, erasers, pencils, sharpeners, crayons,...