GST Rate Cut: Big Relief for Consumers as 99% of Goods in 12% Slab Move to 5%

In a landmark move aimed at boosting the economy and easing the burden on consumers, Finance Minister Nirmala Sitharaman announced a significant reduction in GST rates.

Almost All Goods Previously at 12% GST Now at 5%

Sitharaman revealed that a sweeping 99% of goods previously taxed at 12% GST have now been shifted to the 5% slab. This change represents a substantial tax cut and is expected to have a positive ripple effect across various sectors.

Impact on Consumers and Businesses

This GST rate cut is expected to translate into lower prices for a wide range of goods, providing much-needed relief to consumers. Businesses can also anticipate increased demand due to the more affordable prices.