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GST 2.0 launch on September 22: Last-minute tweaks in process
With GST 2.0 launching on September 22, Cabinet Secretary TV Somanathan just met with top ministries to iron out last-minute issues.
Key concerns included how taxes affect sectors like autos, bicycles, tractors, and textiles—especially around cess adjustments and confusing duty structures.
GST 2.0 to replace existing system
GST 2.0 is set to swap out the old maze of tax rates for a much simpler two-rate system (5% and 18%), with an additional 40% demerit rate for super luxury, sin, and demerit goods, aiming to make life easier for both businesses and everyday shoppers.
The update promises faster registrations, quicker refunds, and fewer compliance headaches—all meant to boost spending and keep the economy moving.