New Delhi, Sept. 7 -- The 56th GST Council meeting introduced a series of reforms under what is being called GST 2.0. The changes focus on three main priorities: offering some relief to consumers, supporting labour-intensive sectors, and aligning policy with broader national interests.

The Council's measures are intended to simplify the indirect tax structure, make compliance less cumbersome, and improve the overall ease of doing business. They emphasise rationalising GST rates across goods and services.

Standalone homebuyers: Immediate gains

For individuals constructing standalone homes, the impact of the rate cuts is both significant and imminent. While the labour component of construction contracts has always been exempt from GST, t...