Improvement in GST rates provides relief to both industry and consumers: CII

 

Jharkhand/Ranchi: CII Jharkhand State Council has termed the central government's move to change GST rates as historic. The council says that India's journey towards the goal of developed India has got new energy from the decisions of the 56th GST Council meeting.

CII Jharkhand State Council Chairman Sunil Tiwari said that this step to simplify GST rates is historic. This will make compliance easier, reduce disputes and increase predictability. It will accelerate consumption growth and development of all sectors.

GST rates simplified to suit investors: Dilu

At the same time, CII Jharkhand State Council Vice President Dilu Parikh said that by simplifying GST rates, the government has made the tax system in line with inclusive growth, domestic capacity building and investor confidence. MSMEs, which are the real engines of employment and innovation, will take special advantage of this.

Vikas Mittal, convenor of the CII Jharkhand Finance, Taxation and Economic Affairs Panel, said that GST 2.0, which will be implemented from September 22, will give a big boost to the FMCG, health and tourism sectors. The estimated revenue shortfall will be balanced by increased demand and compliance.

Arun A Gaur, co-convenor of the CII Jharkhand Finance, Taxation and Economic Affairs Panel, said that GST reduction will increase the purchasing power of consumers, improve the cash flow of industries and boost private investment.