What GST 2.0 means for you: Two slabs, lower taxes by Diwali- how will it impact your wallet

After Prime Minister Modi’s Independence Day announcement, all eyes are on GST 2.0. The government plans to cut slabs from four to two, reduce taxes on essentials and aspirational goods, and simplify compliance. Industry bodies are calling it a long-overdue reset. The GST Council meets in September to finalise the roadmap. What does this mean for prices, small businesses, and consumers? Here’s what to expect before Diwali.