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India rolls out GST 2.0: All about it
India is rolling out GST 2.0, a major update to its Goods and Services Tax first launched in 2017.
The new version cuts the old four tax slabs down to three: 5% for essentials, 18% for most goods and services, and a steep 40% for luxury items.
The goal? Make taxes simpler and fairer, especially for small businesses that struggled with the original system.
What's new in GST 2.0?
GST 2.0 uses AI and data analytics to speed up refunds and improve online filing processes—good news if you've heard about refund delays before.
Lower taxes on essentials mean everyday costs could drop a bit, while luxury goods get taxed more heavily.
The government hopes these changes will boost compliance and reduce headaches for businesses.