After PM Modi’s address on GST 2.0, industry bodies and global experts hailed the reforms as a bold step to simplify India’s tax system. Leaders from the textile and jewellery sectors welcomed reduced rates, transparency, and growth opportunities. Experts believe GST 2.0 will boost demand, exports, and accelerate India’s economic growth.
Representational Image. File Pic
After PM Modi’s address to the nation on the latest GST reforms, hailing the tax structure of the nation, various industry bodies and experts have also welcomed the announcement of GST 2.0. Industry experts called the GST 2.0 a move that will simplify the tax system and reduce the burden on consumers.
They further asserted that the latest reforms will ultimately give a push to the economy and ensure that India’s economy will now grow at a better pace.
While speaking to the media, representatives from various sectors affected by the recently imposed higher tariffs from the US highlighted that the new tax reforms will create more opportunities and give a boost to the industry.
Mithileshwar Thakur, Secretary General of the Apparel Export Promotion Council (AEPC), while asserting that the textile sector will see a significant relief, stated that "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 sewing threads, yarns... The inversion issue in the MMF value chain has been resolved, which was long overdue," as cited by news agency ANI.
On the other hand, Chairman of the All India Gem & Jewellery Domestic Council (GJC) Rajesh Rokde, while highlighting the boost in the jewellery sector, said that "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," ANI reported.
Hailing the Prime Minister’s view on enhancing the economy while keeping every segment into consideration, Ashish Kothari, Director of COA, All India Gem & Jewellery Domestic Council (GJC), asserted that "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," as cited by news agency ANI.
Apart from prominent domestic industry leaders, various international voices also echoed the support for the latest GST reforms. Richard Heald, Director of the UK India Business Council (UKIBC), while hailing India’s international trade ecosystem, said that, "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," with inputs from ANI.
(With inputs from ANI)
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