New Delhi [India], August 15 : Industry body FICCI has welcomed Prime Minister Narendra Modi's 79th Independence Day address to the nation, which highlighted the need for all stakeholders to work together towards making India a self-reliant economic powerhouse.
Applauding the announcement of GST reforms as a Diwali gift this year, FICCI noted the upcoming reforms will reduce the tax burden on consumers and businesses and enhance Ease of Doing Business.
"We applaud the announcement of a comprehensive GST review after 8 years, which will reduce the tax burden on consumers and businesses and enhance Ease of Doing Business. The commitment to reduce compliances, eliminate redundant regulations and create a dedicated Reform Task Force will strengthen India's position as a global manufacturing hub," Harsha Vardhan Agarwal, President, FICCI, said.
"We endorse PM's vision of producing world-class quality products at competitive costs, and the industry assures its commitment to realising this goal," the FICCI President said.
On the occasion of 79th Independence Day, PM Modi today highlighted how Goods and Services Tax (GST), implemented in 2017, is a significant reform which has benefited the nation.
The Prime Minister underscored the importance of the next generation of reforms under GST, which brings relief to the common man, farmers, middle class and MSMEs.
To build an 'Atmanirbhar Bharat', the Central Government is proposing significant reforms in GST. It will be focused on three pillars, namely structural reforms, rate rationalisation, and ease of living.
The Central Government has sent its proposal on GST rate rationalisation and reforms to the Group of Ministers (GoM) constituted by the GST Council to examine this issue, Ministry of Finance said in a statement.
Key areas identified for next-generation reforms include the rationalisation of tax rates to benefit all sections of society, especially the common man, women, students, middle class, and farmers.
Reforms will also seek to reduce classification-related disputes, correcting inverted duty structures in specific sectors, ensuring greater rate stability, and further enhancing ease of doing business. These measures would strengthen key economic sectors, stimulate economic activity, and enable sectoral expansion.
The GST Council, when it meets next, will deliberate on the recommendations of GoM, and every effort will be made to facilitate early implementation so that the intended benefits are substantially realised within the current financial year, the finance ministry statement noted.