The complicated GST slabs that gave headaches to small traders after the flagship tax overhaul came into effect in 2017, was cleaned up by the government today, leaving only two slabs — 5 and 18 per cent.
For the common man, it means more money hand. This, the government hopes, will be routed into the economy, giving it a significant boost.
There will also be a sin tax of 40 per cent that would apply to tobacco and tobacco related products, Union Finance Minister Nirmala Sitharaman said after a meeting of the GST Council.
