The GST on health and insurance products, which stood at 18 per cent, has been cut to zero, in a major revamp of the GST rate structure.

The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, announced a major change that only two rates will remain from September 22 – 5 per cent and 18 per cent, eliminating the 12 per cent and 28 percent GST slabs.

The Goods and Services Tax (GST) Council announced today that only two rates will remain from September 22 – 5 per cent and 18 per cent.