Mumbai/IBNS, Sept. 4 -- The Indian stock market has soared after the central government on Wednesday announced a major overhauling of the GST structure providing support to the middle-class and aiming to fight the 50 percent US tariff, media reports said.

The BSE Sensex rallied close to 80,900 while NIFTY 50 was up by 100 points this morning.

Union Finance minister Nirmala Sitharaman announced sweeping rate cuts after the GST Council approved a new two-slab structure of 5 percent and 18 percent. An additional slab of 40 percent has been kept for sin goods, sugary products and super luxury items.

The decisions were taken at the 56th GST Council meeting held on Wednesday, which reviewed rate revisions and category adjustments across a wi...