The Goods and Services Tax (GST) Council has approved significant changes to the tax structure, streamlining it into two standard rates – 5% and 18%. The new system aims to simplify the tax regime, making several goods cheaper and reducing compensation cess on big cars. The abolition of the 12% and 28% slabs will take effect from September 22, impacting multiple sectors. The changes are expected to boost the middle class's purchasing power, with household items becoming more affordable. Industry experts say the new system will encourage growth and investment in India.