Business owners and traders nationwide have hailed Prime Minister Narendra Modi’s announcement of next-generation GST reforms, describing it as a crucial move to simplify the tax structure and strengthen trade.
Paramjit Singh Pamma, Vice-President of the Federation of Sadar Bazar Traders Association, said the reforms would provide major relief to traders who are currently burdened with tax rates varying between 5 and 28 pc.
“This has been a long-standing demand of the trading community, and we welcome this announcement by Prime Minister Modi. It will help traders immensely,” Pamma said.
In his Independence Day address from the Red Fort, Prime Minister Modi hinted at sweeping changes to the Goods and Services Tax system. “This Diwali, I am going to celebrate a double Diwali with you. The countrymen are going to get a big gift — there will be a huge reduction in GST on common household items,” he announced.
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Calling the move “the demand of the hour,” the Prime Minister stressed the urgent need to review and rationalise GST rates to reduce the tax burden on ordinary citizens.
In response to the prime minister's call for consumers to purchase more domestically produced items, Pamma stated that the GST rate reduction will boost domestic commerce and increase the competitiveness of domestic goods relative to imports. He added that although more reforms in local marketplaces are still required, India's sizable market offers plenty of prospects for domestic sales.
The declaration is made as the nation commemorates eight years since the introduction of the Goods and Services Tax (GST) in 2017, a historic reform that consolidated India's indirect tax structure and made conducting business easier, especially for small and medium-sized businesses.
Also Read: PM Modi promises GST overhaul before Diwali, calls review crucial
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