NEW DELHI: Congress on Thursday known as the most recent cuts on GST authorized by the Centre as “8 years too late.”In a social media pot on X, former Union minister P Chidambaram mentioned that the prevailing taxes shouldn’t have been launched within the first place.“The GST rationalisation and the discount in charges on a variety of products and providers are WELCOME however 8 years TOO LATE The present design of GST and the charges prevailing till at present ought to not have been launched within the first place,” Chidambaram mentioned.“Now we have been crying hoarse for the final 8 years towards the design and charges of GST, however our pleas fell on deaf years,” he added.This comes a day after finance minister Nirmala Sitharaman introduced sweeping Items and Companies Tax fee cuts efficient September 22. The GST revamp brings a majority of things within the 5% and 18% slabs, with a number of gadgets now going through 0% or nil tax and a few added to the 40% ‘sin tax’ slab.“For frequent man and center class gadgets, there’s a full discount from 18% and 12 to five%. Objects similar to hair oil, rest room, cleaning soap bars, cleaning soap bars, shampoos, toothbrushes, toothpaste, bicycles, tableware, kitchenware and different family articles are actually at 5%,” FM Sitharaman mentioned. “UHT milk, paneer, all of the Indian breads will see nil fee,” she added.The adjustments in GST charges on providers and items apart from cigarettes, chewing tobacco merchandise, unmanufactured tobacco and beedi can be efficient from Sept 22.The 56th Items and Companies Tax (GST) Council assembly commenced on Wednesday to evaluation potential fee reductions and class changes for quite a few gadgets beneath the oblique taxation system. The in depth 56th GST Council assembly, spanning 10.5 hours, offered a platform for the Centre and states to deliberate and talk about essential tax proposals.The GST Council endorsed a transition from the prevailing four-tier GST framework (5, 12, 18 and 28 per cent) to a simplified two-rate construction of 5 and 18 per cent. Moreover, sure gadgets like high-end autos, tobacco and cigarettes will appeal to a particular 40 per cent fee.