GST 2.0 Reforms
The 56th Goods and Services Tax Council (“GST Council”) meeting unveiled GST 2.0 reforms with the aim of making the tax structure more citizen-friendly and further improvise agriculture, health and manufacturing. The reforms were related to (1) GST rate reduction and (2) Process reforms for facilitation of trade including a simplified two-tier slab system (merit rate of 5% and standard rate of 18%) with a demerit rate of 40% for select foods and services.
(A detailed understanding of the GST 2.0 reforms can be found here.)
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