CBIC Releases FAQs-2 on GST Rate Rationalisation
The GST Council, in its 56th meeting, announced major changes in the GST system. The council introduced a dual rate structure, with 5% and 18%. Apart from this, it also announced a 40% rate on luxury or sin goods. The council also reduced GST rates on several daily-use items, offering relief to the common man. These changes are set to take effect from September 22, 2025.
The Central Board of Indirect Taxes and Customs (CBIC) has released Frequently Asked Questions-2 regarding the recent GST rate rationalisation based on the recommendations made by the GST council in its 56th meeting.
These FAQs are helpful for businesses, professionals, and students to understand the effect of revised GST rates. The FAQs cover a wide range of questions, which will help in clearing confusion and doubts regarding the GST rationalisation.