GST 2.0 with two-slab structure to roll out from September 22

India's GST framework is undergoing a significant overhaul, set to begin on September 22nd, simplifying the existing four slabs into a two-rate system of 5% and 18%. Essential goods will be taxed at 5%, while most others will fall under the 18% standard rate. However, tobacco products will maintain current rates until compensation cess obligations are met.