GST Reform: Prime Minister Shri Narendra Modi today announced a big economic gift for the countrymen with the ramparts of the historic Red Fort. He said that the next generation GST reform will be implemented till the next Diwali, which will also benefit consumers along with traders. The trade world has warmly welcomed this announcement of the Prime Minister.
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Khandelwal expressed gratitude to the Prime Minister
Reacting to this announcement of the Prime Minister, MP and National General Secretary of Federation of All India Traders, Praveen Khandelwal, said that the move reflects the Government of India’s commitment to the Is of Doing Business. Under the reform, there is a provision of reducing the burden of compliance and balance of tax rates on various items.
They believe that this improvement will not only take the Indian economy to new heights, but will also open opportunities for startups and new businesses. Possible reduction in tax rates will also provide relief to consumers and increase demand in the market.
Tax will be reduced in tax on essential goods: Festa
At the same time, the Federation of Sadar Bazar Trades Association (Festa) Chairman Paramjit Singh Pamma and Chairman Rakesh Yadav welcomed the Prime Minister’s announcement, saying that, reviewing the current GST rates and rationalizing the tax slab will reduce tax on everyday goods. Pamma said that small and medium enterprises will have special benefits from these reforms, which will make it easier to trade, reduce the cost and cheap goods will increase dethe demand for cheap goodsn the market, which will give new strength to the country’s economy.
Government cooperation is necessary in promoting indigenous goods
They believe that tax reduction will make indigenous items cheaper and competition will increase against foreign products. He also appealed to the Prime Minister to focus on market reforms, including parking and improving the condition of roads, so that customers can easily reach the market and challenge the domination of foreign goods on online platforms. Pamma also said that the government should simplify the license scheme for the industry and curb the bureaucracy so that the industry can work at full capacity without fear and promote indigenous production.
Relief to crores of businessmen
The Chamber of Trade and Industry (CTI) has also welcomed the Prime Minister’s announcement. CTI chairman Brijesh Goyal wrote a letter to the Prime Minister saying that 8 crore traders of the country and Delhi have been struggling with high rates and complex laws of GST for the last eight years. He said that goods of common needs like tractor parts, auto parts, and two-wheeler parts are currently in the 28% slab, while they should be brought into a slab of 5% or 12% so that the general public gets relief.
CTI paid attention to the discrepancies of GST rates
Goyal also drew attention to discrepancies in the GST rates of food items, such as sweets, salty cashews, almonds, and snacks found in the same packing that have been kept in separate slabs, causing food traders to have trouble in billing. He said that filing GST returns is very difficult for small traders, and for this they have to pay expensive CA fees.
CTI suggested GST in three slabs
CTI suggests that the existing five slabs (0%, 5%, 12%, 18%, and 28%) have only three slabs: 0%, 5%, and 12%. The slab of 28% should be abolished, or it should be limited to items like tobacco and luxury vehicles.
The business world thanked Prime Minister Modi and said that this decision will strengthen the country’s economic progress and business environment.
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