Indore (Madhya Pradesh): CII Madhya Pradesh chairman Siddharth Sethi has said that the decisions taken by the GST Council mark a decisive step in India’s tax reforms journey. These reforms will boost transparency and ease compliance of GST Law.
In a statement Sethi said that the rationalisation to two rates, simplification of refund and MSME-related processes and exemption of life and health insurance from GST will make the system more transparent, predictable and business-friendly.
Sethi said that these measures will not only ease compliance and reduce disputes but also enhance consumer confidence and purchasing power by lowering the cost of essential goods and services.
For the State, where MSMEs form the backbone of the economy, these reforms are particularly significant in unlocking competitiveness and supporting employment. Industry in the state stands ready to pass on the benefits to consumers and work in close partnership with the Government to ensure a seamless implementation that bolsters growth and demand.
GST rate cut will accelerate economy: Industrialists
Change in GST rates is expected to provide great relief to the industry and business world as well as common people and consumers. GST rate cuts and reforms in the GST Law will accelerate the country's economy.
Following the significant decisions of the GST Council, wherein GST rate cuts were decided and reform in GST Laws were taken, the industrialist mulled over its outcome here at the office of Association of Industries of Madhya Pradesh (AIMP) on Saturday. Yogesh Mehta, president of AIMP, said that rationalising GST rates from 22 September is a historic reform.
By reducing the rates on essential daily items like construction materials, personal care items, food items, health services from 18% and 12% to 5%, this reform will ease the household budget and boost demand which will boost industries.
He further said that more than 70 to 80% of India has micro, small and medium enterprises (MSMEs). This reform will directly benefit a large part of the industry by reducing cash pressure and increasing competitiveness. Restructuring and simplification of GST structure by the government is an important achievement in India's reform journey.
Pramod Dafaria, former president of AIMP, said that the Union Finance Minister has also taken a very good decision that no manufacturer, trader will increase the rates of his finished goods and there will also be departmental monitoring to ensure that no one is doing such a thing. This is a welcome step and all sections will benefit from it.
