GST 2.0: A New Era of Economic Growth and Reform

GST 2.0 has emerged as a catalyst for economic growth, driving a surge in consumption from its inception, according to BJP National Spokesperson Shehzad Poonawalla at the GST Conclave in Delhi. Maruti Suzuki shattered a longstanding sales record, and Hyundai along with Haier, reported notable increases, reflecting the success of recent sweeping GST reforms.

Online platforms Amazon and Flipkart also saw sales spike, indicating robust growth. Poonawalla lauded GST 2.0's evolution from a 'Good and Simple Tax' to 'Gross Saving and Tax Low', outlining its consumer-centric approach which benefits various sectors, ultimately leading to higher economic productivity and job creation.

Ranjeet Mehta of PHDCCI highlights the transformative impact of GST reforms over the last 11 years, hailing it as a cornerstone of India's growth narrative under Modi's government. The GST 2.0 reforms signify a commitment to sustained development and meaningful economic restructuring, praised by industry leaders during the conclave.

Significant changes to GST slabs—reducing to two main rates—were announced after an Independence Day address by Prime Minister Narendra Modi. Finance Minister Nirmala Sitharaman described these changes, which took effect on Navratri, as a 'Diwali gift', promising reduced tax burdens and stimulated growth. The reforms culminated in a detailed report by PHDCCI for government consideration.

(With inputs from agencies.)