The GST Council has approved a two-rate tax slab structure, effective from September 22, reducing rates for common man, middle class, farmers, and health-related sectors. The new slab aims to simplify the tax system and provide relief to various sections of society. Key stakeholders have welcomed the move, citing its potential to boost economic growth. However, concerns about compliance and revenue loss remain. As the effective date approaches, businesses and individuals will need to adapt to the new tax framework.