"Next-gen GST" will go into effect on September 22
By combining the previous 12% and 28% rates, the "Next-Gen GST Reform" rationalises the tax structure into two primary slabs of 5% and 18%. Additionally, a historic ruling exempts all individual health and life insurance plans from GST, which the minister referred to as a "historic Diwali gift" for the populace. Beginning on September 22, 2025, the majority of products and services will be subject to the updated GST rates. Every mid-size and big car that has an engine more than 1500 cc or is longer than 4000 mm will now be subject to 40% GST (no compensating cess). For SUVs, MUVs, MPVs, and XUVs with a ground clearance of 170 mm or more, the same 40% rate is applicable. Up to 350cc motorcycles: 18% , Over 350cc motorcycles: 40% Dishwashers and air conditioners: down from 28% to 18 percent, The percentage of televisions and monitors is now consistently 18% (before, 28%). A standard 18% GST will now be applied to all batteries falling under category 8507., Lithium-...