GST: Most products slashed from 28% to 18%; 178 items rate falls

Many mass consumptions and daily needs items such as detergent, shampoo and chocolates will soon become cheaper as the panel on GST decided to cut GST rates.

The GST Council recommended that the government prune by nearly three-quarters the number of items under the highest 28% slab, as well as move some items under other tax categories to lower brackets

The council also decided to bring more units within the scope of a special tax payment window for small and medium enterprises (SMEs) called the composition scheme, and halved the tax rate allowed under it to 1%. The eligibility threshold for the scheme too has been raised to Rs 1.5 crore from Rs 1 crore now.