GST Revamp: Major Tax Reform Boosts Consumer Demand and Business Confidence
PHD Chamber of Commerce and Industry President Hemant Jain applauds GST council's decision to remove specific tax slabs, labeling it a milestone in India's tax reform. Finance Minister Nirmala Sitharaman's announcement of rate consolidation simplifies taxes, reducing rates on everyday essentials—stimulating growth, supporting businesses, and strengthening the economy.
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The President of the PHD Chamber of Commerce and Industry, Hemant Jain, lauded the GST council's decision to eliminate the 12% and 28% tax slabs, describing it as a 'significant milestone in India's tax reforms.' Jain stressed that the structural reforms are expected to stimulate consumer demand and enhance revenue efficiency for states.
On Wednesday, Finance Minister Nirmala Sitharaman announced a consolidation of the 12% and 18% GST slabs into a simplified dual-rate structure. This change is part of the 'Next-Generation GST' reform, aimed at boosting economic efficiency, affordability, and consumption for the common man.
Minister Sitharaman emphasized the government's focus on easing living conditions for consumers and businesses. The reforms include substantial GST reductions on essential goods like hair oil, soap, and milk, with significant cuts on food items. These changes are designed to support the agriculture sector, small industries, and bolster economic growth.
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