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What significant change did the GST 2.0 reforms introduce regarding tax rates?
  • a)
    Consolidation of multiple GST slabs into two main rates
  • b)
    Elimination of the GST Appellate Tribunal
  • c)
    Increased tax rates for essential goods
  • d)
    Introduction of a new luxury tax
Correct answer is option 'A'. Can you explain this answer?
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What significant change did the GST 2.0 reforms introduce regarding ta...
The GST 2.0 reforms consolidated multiple GST slabs into two main tax rates: 5% (Merit Rate) and 18% (Standard Rate). This simplification aims to reduce compliance burdens for businesses and improve the overall efficiency of the tax system. By streamlining the tax structure, the reforms seek to enhance predictability and support economic growth while easing the tax burden on consumers.
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