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GST Rate Cut Live Updates: On September 4, 2025, the government unveiled the biggest GST overhaul since its launch in 2017, cutting rates on hundreds of items — from soaps to small cars — and simplifying the structure to just two slabs: 5% and 18%. A new 40% slab now applies to tobacco and luxury goods, while the compensation cess has been scrapped. The key question now: will businesses pass on these benefits to consumers? The new GST 2.0 will come into effect from today, September 22. Stay tuned as we track real-time updates, expert insights, and reactions on how these sweeping tax changes will impact your daily life and the broader economy.Biggest GST Reforms | Key TakeawaysThe GST Council approved limiting slabs to 5 per cent and 18 per cent effective from September 22, the first day of Navaratri.Items of common use from roti/paratha to hair oil, ice creams and TVs will cost less, while tax incidence on personal health and life insurance will be brought down to nil.Almost all personal-use items will see rate cuts as the government looks to boost domestic spending and cushion the economic blow of the US tariffs.The panel approved simplifying the GST from the current four slabs - 5, 12, 18 and 28 per cent, to a two-rate structure - 5 and 18 per cent.A special 40 per cent slab is also proposed for a select few items such as high-end cars, tobacco and cigarettes.The new rates for all products, except pan masala, gutkha, cigarettes, chewing tobacco products like zarda, unmanufactured tobacco and bidi, will be effective September 22, she said.While daily use food items will continue to attract nil tax rate, tax rate has been slashed to nil from 5 per cent on ultra-high temperature milk, chena or paneer, pizza bread, khakra, plain chapati or roti.Nil will also be the tax on paratha (current