The GST Council meets on October 7 to discuss GST 2.0 process reforms, one of two key domestic events investors are watching this week alongside the RBI's policy decision.

GST reform has been a market mover all year. The shift to two slabs of 5 per cent and 18 per cent, effective September 22, aimed to cut prices on everyday goods and boost festive-season spending.

What could come next: the Council is expected to take up process reforms under GST 2.0, including simplifying compliance, easing refunds, and ironing out rate anomalies across sectors.

Why it matters for markets: auto, consumer durables, hotels, cement and FMCG stocks all respond to GST signals. Lower rates lift demand; smoother processes cut compliance costs for businesses.

For consumers, any further simplification could show up as steadier prices and fewer billing disputes. The Council's decisions will set the tax tone heading into Diwali.