ITC chief Sanjiv Puri hails PM Modi's next-gen reforms, says GST revamp to spur growth

ITC chief Sanjiv Puri hails PM Modi's next-gen reforms.

ITC Ltd Chairman Sanjiv Puri on Tuesday welcomed Prime Minister Narendra Modi's call for next-generation reforms, particularly in the Goods and Services Tax (GST) framework, saying the move would set off a cycle of consumption, investment, growth and employment.

He said the government's focus on affordability and accessibility of essential items, including food, would provide relief to the middle class, micro, small and medium enterprises (MSMEs), and farmers.

"The government's resolve to ensure ease of living by enhancing affordability and accessibility of all items meant for daily consumption will benefit the sizeable middle-class population, MSMEs and farmers," Puri said in a statement.

A transparent, simplified and growth-oriented tax structure would not only improve competitiveness of enterprises but also promote ease and cost efficiency in doing business, he added.

"The proposed measures will enable formalisation of the economy, create a more tax-compliant society and strengthen the foundations of Atmanirbhar Bharat," Puri said. He further noted that the reforms would encourage youth to pursue better opportunities and support India's journey towards becoming a developed nation.

According to reports, the proposed changes to GST slabs are likely to take effect by mid-September.

GST rate cuts likely to take effect by September 20: Report

The market expects the new GST regime—reducing rates and restructuring them into two slabs of 5 percent and 18 percent, with a 40 percent rate for select luxury or sin goods—to boost the economy and help counter tariff risks.

(PTI Inputs)