Reliance Industries Limited Chairperson Mukesh Ambani praised the Government of India’s second-generation reforms of the Goods and Service Tax (GST) rates. He called it a positive step towards making products and services more affordable for consumers.
Mukesh Ambani appreciate PM Modi for GST reforms
In a statement, he commended PM Modi for fulfilling his promise of a historic “Diwali Gift to the people of India” made during his Independence Day speech at the Red Fort.
“The GST rationalisation is a progressive step towards easing the complexities of doing business, lowering inflation, and driving growth in the retail sector,” he said. Ambani highlighted that this will significantly boost India’s economic growth.
“With the GDP growth rate reaching 7.8% in the first quarter of this financial year, the new reforms could accelerate the economy even more, bringing the growth rate closer to double digits,” he added.
GST reforms make essentials affordable for customers
“Mukesh Ambani will pass on all the benefits of the new GST regime to customers from Day 1 across all its consumption categories. Our promise is straightforward: when costs go down, our customers should see that reflected in their wallets,” she said.
The GST Council has eliminated the 12% and 28% tax slabs, keeping only the 5% and 18% rates. Effective September 22, these changes represent one of the most significant adjustments since GST was introduced in 2017. Items previously taxed at the higher rates will mostly move to the lower two slabs, making essentials, personal care items, restaurant meals, travel, gadgets, and even automobiles more affordable.
Read also: PM Modi Gratitude Towards Singapore PM for supporting India’s against Anti-Terror Fight