New 40% GST slab introduced as Council gives nod to ‘big Diwali’ rate cuts in 56th meeting—Key recommendations summary
Late on Wednesday, the GST Council introduced a new 40 per cent special GST slab, after concluding a full day’s meeting. The new rate of 40 per cent — the highest under the indirect tax system launched in 2017 so far — targets sin and ultra-luxury goods, including pan masala, gutkha, cigarettes and other tobacco…