Question 1

What is GST 2.0 in Budget 2025?

Accepted Answer

GST 2.0 refers to the second phase of GST reforms introduced in Union Budget 2025, aiming to simplify tax slabs, reduce compliance burden, and promote ease of doing business.

Question 2

What are the major changes in GST 2.0?

Accepted Answer

Key changes include: Rationalisation of GST slabs into 5% and 18% (with 40% for luxury/sin goods), lower tax rates on essentials and medicines, simplified GST return filing for SMEs and startups, and strengthened ITC mechanism.

Question 3

How will GST 2.0 impact small businesses and startups?

Accepted Answer

Small businesses will benefit from lower compliance requirements, easier return filing, and reduced tax burden on essential goods and services.

Question 4

Will GST 2.0 reduce prices of goods and services?

Accepted Answer

Yes, GST 2.0 is expected to reduce prices of essentials like food products, medicines, and agriculture-related goods. However, luxury and sin goods may become more expensive.

Question 5

How can businesses prepare for GST 2.0?

Accepted Answer

Businesses should update ERP and billing systems, reclassify products under new slabs, train staff on revised compliance, review contracts, and rework pricing strategies.

Question 6

From when will GST 2.0 be applicable?

Accepted Answer

GST 2.0 changes will be applicable from April 1, 2025, as per announcements in Union Budget 2025.

Question 7

Where can I find the official GST 2.0 rate list?

Accepted Answer

The updated GST 2.0 rate list is available on the CBIC GST Portal at https://cbic-gst.gov.in/gst-goods-services-rates.html.

Question 8

How does GST 2.0 affect e-commerce sellers (Amazon, Flipkart, Meesho)?

Accepted Answer

E-commerce sellers will benefit from simplified compliance, fewer classification disputes, and clearer ITC eligibility, making GST return filing easier and faster.

Question 9

Will GST 2.0 impact GST refunds and ITC claims?

Accepted Answer

Yes, GST 2.0 aims to speed up refunds and ITC processing. However, during the initial transition period, some delays may occur.

Question 10

Who should I consult for GST 2.0 compliance?

Accepted Answer

It is recommended to consult a GST expert or tax consultant to ensure smooth transition, correct product classification, and compliance with GST 2.0 rules.

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