AMN
The Confederation of All India Traders (CAIT) has termed the recent GST reforms and restructuring of tax rates as historic and revolutionary. It said that these reforms will not only benefit small traders, consumers, and India’s economy but will also simplify the tax structure and significantly boost consumption.
Secretary General, CAIT Praveen Khandelwal, expressed gratitude to Prime Minister Narendra Modi on behalf of traders across the country. He said that the reforms reducing taxes on more than 400 items will bring major relief to common citizens in their daily expenses. He further said that by exempting insurance services from GST, the government has provided big relief to the middle class and senior citizens.
IMC Hails GST Rationalisation, Calls it Landmark Reform
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.