New Delhi [India], September 5 (ANI): Industry bodies and experts have welcomed the government’s announcement of GST 2.0, calling it a move that will simplify the tax system and reduce the burden on consumers, ultimately giving a push to the economy. Speaking to ANI, representatives from various sectors affected by the recently imposed higher tariffs from the US said the reforms will create more opportunities and give a boost to the industry.
The textile sector sees relief. Mithileshwar Thakur, Secretary General of the Apparel Export Promotion Council (AEPC), said, “The series of GST reforms are bold, brave and pathbreaking… This is a welcome move and will boost demand, drive consumption, and kickstart the economy by eliminating some slab rates and addressing long-standing GST issues… The textile sector benefits from reduced rates on items like swing threads, yarns… The inversion issue in the MMF value chain has been resolved, which was long overdue.”
All India Gem & Jewellery Domestic Council’s (GJC) Chairman Rajesh Rokde said, “There is a new reform to add alphanumeric digits in the silver hallmarking that has been implemented from September 1 by the govt of India, but is voluntary… We thank the Commerce Ministry and Union Minister Pralhad Joshi for facilitating better transparency.”
Adding to this, Ashish Kothari, Director COA, All India Gem & Jewellery Domestic Council (GJC) said, “PM Narendra Modi did what he promised. GST 2.0 represents the development of the entire country… This will also contribute majorly to the Viksit Bharat 2047 mission… Though there is no impact on the jewellery industry… We have given the requisition and representation to the GST council to reduce the GST slab (on jewellery)” On the US tariff on India, he says, “The Indian export will be affected by this tariff war, but we will find some alternate business through the government policies… Our exports are continuous in other countries.”
Rajesh Menon, Director General of the Society of Indian Automobile Manufacturers (SIAM), said the decision to lower taxes on entry-level vehicles would directly benefit buyers. “GST 2.0 is a major reform initiative from the automobile sector’s perspective. We are extremely grateful to the Finance Minister and the Government of India. What it does is, entry-level vehicles will be at 18 per cent as against the 28 per cent base rate earlier. Overall, there will be a major benefit to the consumers…In the last few months, what the government has done is taken measures which will stimulate demand and boost consumption,” he said.
Rajib S Sahoo, Financial Expert and Chairman of the Indian Chamber of Commerce in Odisha, said the reforms came at the right time. “This has come at a crucial time when there is a threat in the international market and export to America is under challenge… The reforms will boost domestic consumption, industrial output due to increased demand, and will give a cyclic cascading effect for improving employment, economic output, productivity and GDP of the country… This will reduce the tax burden on the common man,” he noted.
Sriram Viswanathan, Founding Managing Partner at Celesta Capital, expressed confidence in the government’s move. “I have complete confidence that the government is trying to do the right things… This is great for the economy and overall ecosystem,” he said.
International voices also echoed support. Richard Heald, Director of the UK India Business Council (UKIBC), said, “I think the announcement is actually very positive… There is a simplification in the tax, as you rightly say, two slabs… these are positive features both for India and also for those UK companies that are invested in India… I actually think it will be a further endorsement of the UK-India free trade agreement.” (ANI)
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