CII, Deloitte Applaud GST Council's Nextgen GST Reform

(MENAFN- KNN India) New Delhi, Sep 4 (KNN) The Centre's decision to rationalise Goods and Services Tax (GST) rates under the NextGen GST framework has drawn wide praise from industry leaders and policy experts, who termed it a significant milestone in India's tax reforms.

The reform, announced on Wednesday, simplifies the GST structure by consolidating rates into two slabs of 5 percent and 18 percent, aimed at easing compliance, eliminating inverted duty structures, and boosting consumption.

Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), described the move as 'a phenomenal milestone', noting that lowering rates on essential items and critical inputs would provide immediate relief to households while supporting long-term growth.

Former NITI Aayog CEO Amitabh Kant hailed the step as 'bold and visionary', saying in a social media post that the rationalisation would“simplify the structure, boost consumption, raise capacity utilisation, and drive fresh investment.”

Global consultancy Deloitte India also welcomed the changes, calling them a reform that prioritises“the real drivers of the economy.”

Mahesh Jaisingh, Partner and Indirect Tax Leader, Deloitte India, said the 56th GST Council meeting reflected a strong reformist intent, going beyond rate cuts to address structural changes and improve ease of doing business.

The sweeping GST revamp is expected to strengthen India's consumption-led growth trajectory while enhancing competitiveness across sectors.

(KNN Bureau)

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