India rolls out simplified GST structure with dual rate slabs

India introduced a restructured Goods and Services Tax system featuring two primary slabs of 5% and 18%, replacing multiple earlier tiers. The reform, dubbed ‘GST 2.0,’ aims to simplify compliance, reduce cascading taxes, and lower retail inflation. Finance Ministry officials said the measure could stimulate consumption and boost manufacturing competitiveness during the festive quarter. Economists view the reform as a milestone toward achieving a unified tax framework while balancing revenue neutrality for states through advanced digital reconciliation mechanisms.