Govt delivers 'GST Diwali bonanza': Essentials cheaper, big relief on insurance premiums

India's Goods and Services Tax (GST) undergoes a major overhaul, eight years after its launch, with the GST Council approving significant rate cuts on numerous everyday items. Effective September 22nd, the new rates aim to boost consumption by shifting to a two-slab structure of 5% and 18%, abolishing the 12% and 28% rates.