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‘Landmark reforms, will boost ease of living’: Gujarat CM, industry leaders hail new GST slabs
In a statement, Gujarat finance minister Kanubhai Desai said that the decisions taken in the 56th GST Council reducing the tax rates “would increase consumption.”
According to the CM, these decisions would help India become “the third largest economy faster”. He said the new tax rates would “boost India's economy and energise it”. (Express File)
Gujarat Chief Minister Bhupendra Patel has welcomed the new slabs in the Goods and Services Tax (GST) announced by the Centre on Wednesday, stating that the “landmark reforms would benefit crores of middle-class families, farmers, small traders and enterprises” and thus encourage “ease of living”.
According to the CM, these decisions would help India become “the third largest economy faster”. He said the new tax rates would “boost India’s economy and energise it”.
In a statement, Gujarat finance minister Kanubhai Desai said that the decisions taken in the 56th GST Council reducing the tax rates “would increase consumption.” Besides, “litigation would reduce because of the revision in the classification of goods and services and ‘ease of doing business’ will get a boost”, he added. The minister said that with the processes of registration becoming easier, businesses would see increased cash flow and compliance costs would be lower.
Gujarat Chamber of Commerce and Industry (GCCI) president Sandeep Engineer said in a statement that the new reforms had incorporated most of the chamber’s tax-related representations and suggestions. “Implementing the revised rates from the first day of Navratri is a thoughtful decision,” said Engineer, commending the 90% provisional refunds in cases of inverted duty structures and simplified registration process for cases where the Input Tax Credit transfer is below Rs 2.5 lakh “that will ease compliance” for traders.
“Acceptance of GCCI’s recommendation on post-sale discount will bring greater clarity and fairness in pricing structures across industries,” said the GCCI president.
Wagh Bakri group’s CEO Sanjay Singal said the reduced GST rates will provide a sustained boost to the FMCG sector.
In a statement, Singal said, “Making everyday products more affordable will not only enhance purchasing power but also encourage consumers to shift from unbranded to branded goods. The GST on the premix tea range, including instant teas and ice teas, has been revised from 18% to 5%, making them more affordable. Over time, we expect to see higher volume growth, and stronger momentum in overall consumption-led growth.”
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