Finance minister Nirmala Sitharaman has announced big changes to GST. India is now moving to just two GST slabs, 5 and 18%, instead of the earlier four slabs. This will be effective from September 22. Everyday essentials like toothpaste, shampoo, bicycles, kitchenware, all fall into the 5% slab. That’s a big drop from the 12 to 18% range you’ve been paying. Household upgrades are more affordable too. Small cars, TVs, ACs, and dishwashers slide to 18% from the earlier 28%. Even motorcycles below 350cc join the 18% category. Luxuries, and unhealthy habits though, still carry a heavy tag. High end cars, racing bikes, yachts, tobacco products and sugary drinks will be taxed at 40%. And here’s great news for your finances, life and health insurance premiums are now completely exempt from GST. So in short, basics are cheaper, luxury stays expensive, and insurance gets full relief.