New Delhi, Sept. 3 -- In a landmark move, the GST Council, chaired by Finance Minister Nirmala Sitharaman, on Wednesday rationalised the indirect tax structure, cutting the current four slabs down to two - scrapping the 12 per cent and 28 per cent rates, while retaining the 5 per cent and 18 per cent slabs.

The changes in GST rates on services will be implemented from September 22.

The GST Council has reduced the tax rate on personal care items such as hair oil, shampoo, toothpaste, and dental floss from 18 per cent to 5 per cent.

From groceries and fertilisers to footwear, textiles, and even renewable energy, a broad basket of goods and services is set to become more affordable. Items earlier taxed at 12 per cent and 28 per cent will ...