NJ Jain & Associates recently hosted a focused webinar on the GST rate rationalization announced in the 56th GST Council meeting. The session unpacked key shifts – like merging multiple tax slabs into a simpler 5% and 18% structure, and a special 40% rate for luxury items. These changes aim to reduce compliance burdens and bring clarity across sectors.

The discussion highlighted how these reforms could make essentials cheaper, simplify classification, and spur consumer demand. The webinar also touched upon procedural updates, GST Appellate Tribunal rollout, and transitional issues – offering practical insights for businesses to align swiftly.