FICCI praised the Prime Minister’s GST reform announcement that it will reduce tax burden on consumers
Industrial agency FICCI welcomed Prime Minister Narendra Modi’s speech to the nation’s 79th Independence Day, which highlighted the need for all stakeholders to work together to make India a self-reliant economic power.
FICCI pointed out that it praised the announcement of GST reform as a gift for Diwali, and FICCI pointed out that the upcoming reforms will reduce the tax burden on consumers and businesses and improve the ease of doing business.
“We appreciate the announcement of a comprehensive GST review in 8 years, which will reduce the tax burden on consumers and businesses and improve the ease of doing business. The commitment to reduce compliance, eliminate redundant regulations and create a dedicated reform task force will strengthen India’s position as a global manufacturing industry,” Harsha Vardhan Agarwal, ficci, Ficci, Ficci, Ficci, Ficci, Ficci. ” Harsha Vardhan Agarwal.
“We recognize the Prime Minister’s vision to produce world-class quality products at competitive costs, and the industry ensures its commitment to achieving this goal,” said FICCI President.
On the occasion of the 79th Independence Day, PM Modi today highlighted that the Goods and Services Tax (GST) implemented in 2017 was a major reform that benefited the country.
The Prime Minister stressed the importance of next-generation reforms under the GST, which eased the average person, peasant, middle class and MSMES.
To establish the “Atmanirbhar Bharat”, the central government is proposing major reforms in the GST. It will focus on three pillars, namely structural reform, rationalization of ratios and ease of life.
The Treasury said in a statement that the central government has reviewed the issue with the Minister (GOM) of the National Manufacturer’s Committee.
The key areas of the next generation of reform include the rationalization of tax rates to make all parts of society, especially ordinary people, women, students, middle class and farmers.
The reform will also seek to reduce classification-related disputes, correct the inverted obligation structures of specific sectors, ensure higher interest rate stability and further enhance business convenience. These measures will strengthen key economic sectors, stimulate economic activity and achieve sector expansion.
The Ministry of Finance’s statement stated that the GST will consider the GOM’s recommendations when the next step is met and every effort will be made to facilitate early implementation in order to substantially achieve the expected benefits during the current fiscal year.
