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Below the Quote on 56th GST Council meeting by Amit Baid, Head of Tax at BTG Advaya

"GST 2.0 is a watershed moment in India’s indirect tax regime. By collapsing multiple slabs into just two primary rates, it is not just a reform but a potential growth driver at a time when India is grappling with harsh US tariffs and global headwinds. Lower rates on consumer-facing essentials and durables aim to put more money in the hands of households and spur demand at a time when consumption has been uneven. The exemption of life and health insurance is also a strong signal towards making social security more affordable. However, businesses will be keenly watching the implementation challenges - migration of classification, input credit balances, and transition provisions could pose practical hurdles in the short term."

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