<h1>National GST overhaul cuts slabs to 5%, 18%, 40%, removes 12% and 28%, eases compliance and speed refunds</h1> A national GST overhaul revises slab rates effective Sept 22, consolidating slabs to 5% for common goods, 18% for most items, and a 40% rate for specified sin/ultra-luxury goods, removes 12% and 28% tiers, and exempts certain staples and specified insurance premiums. The reform mandates simplified classification to reduce disputes, introduces procedural reliefs-faster registrations, time-bound refunds (90% within the stipulated period), and eased compliance for SMEs-and tasks the finance ministry with monitoring industry pass-through of rate cuts and engaging firms where price reductions are not implemented, creating administrative oversight and potential enforcement action.