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India Economy

Refrigerators are seen at an electronics store in Kolkata, India, on September 8, 2025. The Goods and Services Tax (GST) Council approves a two-tier rate structure of 5% and 18%. Announcing the new GST reforms, union finance minister Nirmala Sitharaman says, ''We have reduced the slabs. There shall be only two slabs, and we are also addressing the issues of compensation cess.'' The revised rates take effect from September 22, bringing relief across a wide range of goods. Under the GST rate cut, most consumer electronics--such as air conditioners and televisions--shift from the old 28% slab down to 18% GST. (Photo by Debajyoti Chakraborty/NurPhoto)

Photo ID	#12732673
Date Taken	8 September 2025
Location	N/A
Photographer	Debajyoti Chakraborty/NurPhoto
Category	Economy, Business and Finance
Copyright	© 2026 NurPhoto - Debajyoti Chakraborty/NurPhoto

Refrigerators electronics store Kolkata Goods and Services Tax GST Council two-tier rate structure 5% GST 18% GST GST reforms union finance minister Nirmala Sitharaman reduced slabs compensation cess revised rates September 22 relief consumer electronics air conditioners televisions 28% slab GST rate cut Debajyoti Chakraborty NurPhoto tax reform tax structure economic policy taxation financial relief consumer goods tax reduction government policy fiscal policy.