CII President Rajiv Memani has hailed the GST reforms approved by the GST Council on Wednesday, calling the move one of the most significant since the tax’s rollout in 2017.
In a statement, Memani praised the rationalisation of GST slabs into a dual-rate structure of 5% and 18%, describing it as a “masterstroke of simplification” that would ease compliance, reduce cascading effects, and boost the competitiveness of Indian industry.
“On behalf of Indian industry, I extend our deepest appreciation and congratulations to the Hon’ble Prime Minister and Hon’ble Finance Minister for steering the GST Council towards one of the most significant reforms since the introduction of GST in 2017. Today’s decisions demonstrate statesmanship, vision, and a clear commitment to inclusive economic growth,” Memani said.
New GST Rates News Live: India ushers in GST 2.0 - Cars, ACs, Ghee to get cheaper - Check new dual slabs and more
He added that the targeted rate cuts on mass-consumption items will spur demand by enhancing household purchasing power, while MSMEs will benefit from measures like faster registration and quicker refunds. “These reforms, coming ahead of the festive season, will provide a powerful impetus to consumption, manufacturing, and job creation,” he noted.
CII said it looks forward to collaborating with the government and other stakeholders to ensure smooth implementation of the new tax framework and to further strengthen India’s growth and competitiveness.
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