GST 2.0 Completes One Year, Simplifies Tax Structure And Improves Compliance

The next-generation Goods and Services Tax, or GST 2.0 reforms, have completed one year today, marking a significant milestone in the country’s indirect tax reform journey. Under the new tax structure, GST Council has simplified the indirect tax system into a two-tier structure of 5%  and 18%from a four-tier structure of 5%, 12 %, 18%, and 28%.

Over the past year, the government has focused on simplifying the tax structure, improving compliance, and strengthening the digital tax ecosystem. GST 2.0 has made registration and return filing easier while speeding up refunds and lowering costs. This has also brought procedural ease for businesses, especially MSMEs and startups. Beyond rate reduction, GST 2.0 is also supporting India’s growth cycle by lowering costs, improving affordability, encouraging compliance and economic activity.