India Inc Applauds GST Council's Groundbreaking Tax Reforms
India Inc's response to the GST Council's decisions is overwhelmingly positive, as it simplifies tax rates, reduces financial burdens on consumers and businesses, and boosts various sectors, including hospitality and textiles. The reforms take effect on September 22, offering much-needed clarity and compliance ease.
- Country:
- India
India Inc has warmly welcomed the GST Council's latest decisions, which many are calling a groundbreaking step towards streamlining India's indirect tax regime.
The Council's shift to a two-tier tax structure of 5% and 18% is seen as a significant simplification, expected to ease compliance burdens for businesses and boost consumer confidence.
Industry leaders believe reducing GST rates on essential goods and aligning taxation in the textile sector will give much-needed relief to Indian businesses and consumers, paving the way for enhanced economic growth.
(With inputs from agencies.)
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