Legal Knowledge

https://law4u.in/advocate-sudhakar-kumar India’s taxation system has undergone several reforms in the past decade, but the introduction of GST 2.0 marks a new era of transparency, compliance, and efficiency. Businesses, professionals, and taxpayers across the country are keen to understand how GST 2.0 will reshape financial planning and day-to-day operations. In this blog, I, Advocate Sudhakar Kumar, practicing at Patna High Court , break down the key features of GST 2.0 , its advantages, and what it means for individuals, businesses, and the legal fraternity. --- What is GST 2.0? GST 2.0 is an upgraded version of the Goods and Services Tax framework introduced in 2017. It addresses challenges faced in the earlier system, ensuring a more user-friendly, tech-enabled, and compliance-driven mechanism. Key features of GST 2.0 include: Simplified Return Filing – Single return system for ease of compliance. Automated Input Tax Credit (ITC) – Directly linked with invoices, minim...