The new GST regime came into effect on 22 September, simplifying tax slabs across sectors.
The reform reduces rates for essential items, including food, electronics, and medicines.
Automobiles and insurance products also benefit from lower GST rates.
Businesses will face reduced compliance requirements, easing administ
rative burden.
Consumers are expected to benefit from lower prices and faster services.
The government said reforms aim to increase domestic consumption and economic activity.
Small traders and MSMEs will find filing and reporting much easier under
the new system.
Markets reacted positively, reflecting investor confidence in the pro-growth move.
The reforms coincide with the upcoming festive season, boosting spending potential.
Experts say GST 2.0 will support GDP growth and enhance fiscal efficiency.