New Delhi, Sept. 4 -- Union Finance Minister Nirmala Sitharaman announced a set of Goods and Services Tax (GST) reforms on Wednesday, 3 September, following the 56th GST Council meeting. Several items were brought under the nil GST regime, while many goods were shifted to 5% or 18% slabs from higher rates.

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

The newly announced GST reforms will be effective from 22 September, which is the first day of Navaratri.

Highlighting how the new reforms will bring relief to the middle class, FM Nirmala Sitharaman said, "In common ...