GST 2.0 Reforms: New Rates, Slabs, and Key Changes

The 56th GST Council meeting paved the way for GST 2.0 reforms focusing on structural reforms, rate rationalization, and ease of doing business. The new system reduces complexity and enhances transparency in compliance. Major Reforms: • Structural reforms to simplify the GST framework • Rate rationalization across goods and services • Enhanced digital infrastructure for compliance • Reduced litigation through clearer guidelines • Focus on ease of doing business for MSMEs These reforms are expected to reduce compliance costs and improve the overall efficiency of the GST system in India.