Why GST 2.0 Marks a Turning Point in India’s Tax Reform Journey | Open Dialogue | Episode 38

India’s tax landscape just changed in a big way. GST has been simplified with two main slabs, fewer inverted duties, and clearer pass-through to prices. What does this reset mean for inflation, demand, and growth?In this episode of Open Dialogue, Sameer Shetty speaks with Neelkanth Mishra, Chief Economist, Axis Bank & Head of Global Research, Axis Capital. They trace India’s journey from cascading indirect taxes to GST, why two slabs (5% and 18%) matter, and how rate rationalization can boost consumption without straining fiscal math.Within this framework, they unpack how input tax credit works at the invoice level, why inverted duty fixes reduce refunds and disputes, and how compliance data has unlocked MSME lending. The discussion also explores sector impacts and when consumers should expect genuine price pass-through.Beyond this, they examine what simpler GST means for competitiveness, logistics efficiency, and state finances as compensation cess sunsets. The episode closes with practical takeaways on pricing transparency, demand impulses, and the road to a cleaner, broader tax base.Speakers-Sameer Shetty: Group Executive, Digital Banking & Strategic Programs, Axis BankNeelkanth Mishra: Chief Economist, Axis Bank & Head of Global Research, Axis Capital🔔 Like, comment, and subscribe for more insights on GST, growth, and India’s evolving tax architecture.#GSTReform #IndianEconomy #FiscalDiscipline #ConsumptionBoost #TaxSimplification #MSME#Compliance #InvestmentCycle #Inflation #economicgrowth Chapters:0:00 - Introduction1:45 - History of Taxation in India13:30 - What are Direct and Indirect Taxes?20:09 - Monthly GST Collections25:54 - Innovations in GST48:30 - How the New Tax Structure is Helping Compliance1:00:54 - What Does This Mean for Inflation and Interest rates1:05:11 - What Does This Mean for the Indian Competitive Landscape 1:10:31 - Will Corporates Start Investing More?1:16:33 - ConclusionSUBSCRIBE TO US: https://www.youtube.com/@OpenDialogueByAxis Download Axis Bank App: https://play.google.com/store/apps/de...For more informative videos and discussion on important topics related to Banking, finance & economics:LinkedIn - https://in.linkedin.com/company/axis-bank Instagram - https://www.instagram.com/opendialoguebyaxisbankFacebook - https://www.facebook.com/axisbank/Twitter - https://x.com/AxisBankCopyright:©Axis Bank Limited [2025]. All rights reserved. This video and all other videos in this channel are protected by copyright law and may not be used or reproduced without the express written permission of the copyright owner.STATUTORY DISCLAIMER:By accessing this video podcast “Podcast”, I acknowledge that Axis Bank Limited and its subsidiaries ("AXIS BANK") makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, AXIS BANK does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. Moreover, AXIS BANK makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties.AXIS BANK EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST INFORMATION PRESENTED IN THIS PODCAST