New 40% GST slab introduced as Council gives nod to 'big Diwali' rate cuts in 56th meeting—Key recommendations summary

The all-powerful GST Council has introduced a new 40 per cent GST slab aimed at sin and ultra-luxury goods, including pan masala, gutkha, cigarettes and other tobacco products. Besides, products such as beverages, caffeinated drinks, luxury cars, high-end motorcycles, private yachts, and aircraft will also be taxed at this rate, the finance minister said as she unveiled the Centre's next-gen GST reforms in a rare 10 pm press conference in the national capital.