Goa Industry Cheers GST Reforms as Milestone for Business Ease

The Goa Chamber of Commerce and Industry (GCCI) lauded the introduction of new GST reforms on Thursday, describing them as a pivotal move towards enhancing business operations and fostering self-reliance. The GST Council's approval of a two-tier tax rate structure, set at 5% and 18%, marks a progressive shift aimed at simplifying the tax system.

Director General Sanjay Amonkar of the GCCI expressed approval of the tax reforms, underscoring their potential to facilitate business growth. He emphasized that these changes would greatly benefit farmers by reducing tax obligations in the agriculture sector and improve living standards for the general public through lowered consumption taxes.

Reactions from the tourism sector were less uniform, with mixed opinions emerging. Jack Sukhija, President of the Travel and Tourism Association of Goa, acknowledged the reduction of the GST rate from 12% to 5% as a positive development but noted the adverse impact of reduced input tax credit (ITC) benefits, potentially restricting gains for some hospitality businesses.

(With inputs from agencies.)