The 56th GST Council Meeting (September 2025) unveiled what is being called “GST 2.0” — a long-awaited reform to simplify India’s indirect tax system.

The core highlights:

• A three-rate structure: 5%, 18%, and 40% (luxury/sin goods).
• Simplified compliance for MSMEs, including quarterly returns with auto-populated ITC.
• Revised MRP guidelines effective September 22, 2025.
• Real-time credit reconciliation under the GST Invoice Management System.

For small taxpayers, GST 2.0 is a breath of relief — with reduced filing frequency, automated reconciliation, and less manual intervention. Businesses holding unsold stock before September must revise MRPs in line with new slabs.