Industrialist Anand Mahindra hailed the government’s sweeping GST reforms with a spirited call for deeper changes, saying more reforms are the “surest way” to unlock India’s growth potential.
“We have now joined the battle… More and faster reforms are the surest way to unleash consumption and investment. Those, in turn, will expand the economy and amplify India’s voice in the world. But let’s remember the famous exhortation of Swami Vivekananda: ‘Arise, awake, and stop not till the goal is reached.’ So, more reforms, please…” Mahindra posted on X.
His remarks came after the GST Council on Wednesday approved a landmark rationalisation of indirect tax rates, trimming slabs to just two — 5% and 18%. The existing 12% and 28% rates will be scrapped, effectively lowering prices across a wide range of goods and services.
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In a late evening briefing, Finance Minister Nirmala Sitharaman described the move as more than just rate rationalisation, calling it a “structural reform” aimed at simplifying compliance and easing household costs. She said most items of common use have been brought under lower slabs.
The changes, effective September 22, will apply to all goods except pan masala, gutkha, cigarettes, chewing tobacco, zarda, unmanufactured tobacco, and bidi — which will continue under the higher levy.
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