Overview

• Prime Minister Narendra Modi addressed the nation, branding the rollout a 'savings festival' and saying the reforms will cut prices, boost growth and benefit households, MSMEs and the neo‑middle class.
• The revamped structure replaces the 12% and 28% slabs with two main rates of 5% and 18%, plus a 40% rate for sin and ultra‑luxury goods, approved by the GST Council at its 56th meeting by consensus.
• Modi said the combination of income‑tax relief and GST changes would leave people with more than ₹2.5 lakh crore in savings over a year.
• Companies and public bodies announced price cuts effective Sept. 22, including Amul’s revised MRPs across 700 dairy packs, appliance makers lowering AC and dishwasher prices, and Rail Neer bottles reduced to ₹14 (1L) and ₹9 (500 ml).
• About 375 items get cheaper from Monday, with many medicines and devices at 5% and cement down to 18%, while carmakers such as Maruti and Jeep said they will pass on the tax benefits.