The IMC Chamber of Commerce and Industry has welcomed the Government’s recent decisions on rationalization of Goods and Services Tax (GST) rates. Mr. Arvind Bhansali, Chairman of IMC’s Indirect Taxation Committee, said the move to simplify GST slabs from four (5%, 12%, 18%, 28%) to two simplified rates of 5 and 18% – with a special forty percent levy on luxury and sin goods, is a landmark reform.
He noted that goods of mass consumption and food items will now attract lower GST, while consumer durables such as small cars, televisions, air conditioners, and cement have also been shifted to the eighteen percent slab, reducing costs for households and businesses.
The Chamber also appreciated the exemption of life and health insurance policies from GST, saying it would encourage wider adoption of financial security products.
Mr. Bhansali added that faster export refunds and relief from inverted duty structures are easing liquidity, helping MSMEs and exporters reinvest in growth and job creation.
According to IMC, these reforms will boost consumption, support the domestic industry, reduce inflationary pressures, and strengthen India’s progress towards becoming a Viksit Bharat.
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