<h1>Government rolls out next-generation GST reforms from Sept 22, cutting rates, consolidating slabs to benefit consumers and MSMEs</h1> The government announced implementation of next-generation GST reforms effective Sept. 22, consolidating tax slabs into a two-tier structure (majority at 5% and 18%), with a 40% rate for ultra-luxury items and 28% plus cess retained for tobacco and sin goods. The GST Council (Centre and states) approved reduced rates on about 375 items, making many mass-consumption and consumer durables cheaper and aiming to benefit MSMEs, consumers and traders. The measures, coupled with an existing income-tax exemption threshold, are promoted as measures to boost manufacturing, ease of doing business and investment across states.