GST 2.0 rates came into effect today; What will be benefit and impact? Understand in 10 pointsLife insurance policies will be exempted after the implementation of the new GST rates. Representational ImageNew Delhi: A major change has been implemented in the Goods and Services Tax (GST) from today. Life insurance policies will be exempted after the implementation of the new GST rates. GST rates on imports: The revised rates under GST 2.0 will also apply to imports.