New Delhi, Sept. 8 -- Finance Minister Nirmala Sitharaman on Friday said the newly announced dual-slab Goods and Services Tax (GST) structure marks a 'next-generation' step in indirect taxation and is expected to deliver a significant boost to the Indian economy.

The simplified GST regime, effective September 22, introduces two primary rates of 5 percent and 18 percent, while select sin and luxury goods will attract a 40 percent levy.

"It will have a very positive impact on the Indian economy and its growth numbers because this affects every one of the 1.4 billion people," Sitharaman said in an interview, noting that the industry had committed to passing on the benefits of lower rates to consumers.

India's economy grew 7.8 percent in t...