New GST rates take effect; all items to now attract 0%, 5%, 18% or 40% tax rates

The new GST rates, announced by GST Council on September 3, have taken effect. The new tax structure now means that all items sold in India will either be taxed 0%, 5% or 18%, with sin and some luxury goods being taxed 40%. Finance Minister Nirmala Sitharaman earlier said the GST cuts will give ₹2 lakh crore in people's hands.