India sees record-breaking consumer and manufacturing growth after next-gen GST reforms
In her opening remarks, Sitharaman highlighted the timely execution of the reforms announced by Prime Minister Narendra Modi from the Red Fort.
In her opening remarks, Sitharaman highlighted the timely execution of the reforms announced by Prime Minister Narendra Modi from the Red Fort.
In a series of posts shared on X, he said, "Now GST will become even more simple. There are now only two rates of GST 5 percent and 18 percent. From 22nd September .... From the first day of Navratri new rates of GST will come into force. There are reforms even in GST in India's growth. GST 2.0... a double dose of support and growth for the nation."
Branded as the “Next-Gen GST,” the new regime collapses the complex multi-slab structure into a simpler two-rate system and slashes taxes across essentials, automobiles, housing, healthcare, education, and services.
“The roll-out of the reforms will absolutely set the country on a path towards an open and transparent economy by creating fresh avenues for small businesses,” she said while addressing the 120th Foundation Day celebrations of the Kumbakonam-headquartered City Union Bank (CUB).
