GST Council approves two-tier tax structure; to be implemented from Sep 22
The GST Council has approved a two-tier rate structure of 5 and 18 per cent, to be implemented from September 22. All states agreed on the rate rationalisation, with a consensus-based decision. The total loss due to this will be Rs 47,700 crore. No decision has been taken on taxing demerit goods, and the marathon 56th meeting lasted for 10.5 hours with key proposals discussed.