Starting Monday, the daily economic burdens of millions of Indians could ease slightly, BBC reported.

Staples like milk and bread, life and medical insurance and life-saving drugs will become tax-free. Consumption tax on small cars, television sets and air conditioners will drop from 28% to 18%. And other common goods like hair oil, toilet soap and shampoo will be taxed at a marginal 5% instead of 12% or 18%.

The sweeping cuts are part of Prime Minister Narendra Modi's major overhaul of India's complex goods and services tax (GST) regime announced earlier this month. 

This is expected to both simplify the tax code and give flagging household consumption - which makes up over half of India's gross domestic product (GDP) - a much-needed fillip, according to BBC.