Industry captains hail significant GST rejig; say lower taxes will boost demand, spur growth
After the implementation of the recent reduction in GST rates on as many as 178 items, the markets across the country have started witnessing a noticeable uptick in consumer sentiments. The GST rate on these items has been brought down from 28% to 18%. Prices of the raw materials used in various industries have been slashed after the rationalisation of GST slabs. Consumers apart, India Inc. is also very bullish on the windfall gain that this GST overhaul has offered. The industry veterans have observed that bringing down the tax rate across a wide spectrum of products is a welcome move that will not only reignite sales, but also help bring the industry back on high growth trajectory. Mr. Arush Gupta, Director, Okaya Mr. Arush Gupta, Director, Okaya said, “We welcome the GST Council’s move of bringing considerable reduction in GST rates on some of the widely used daily consumption goods. Instilling much needed positivity in the market, the move will enable all the...