New Delhi, Sept. 4 -- The Union Finance Minister Nirmala Sitharaman announced a set of goods and services tax reforms on Wednesday, September 3, bringing several items under the nil GST regime, while many goods have shifted to 5% or 18% slabs from higher rates.

While rationalising the tax rates, the GST Council has approved to reduce the current four slabs to two rates of 5% and 18%. Additionally, a special 40% rate for select goods such as high-end cars and tobacco has been introduced.

The newly announced GST reforms will be effective from September 22 onwards.

Highlighting how the new reforms will bring relief to the middle class, FM Nirmala Sitharaman said, "In common man and middle class items, there is a complete reduction. This r...