Business owners welcome PM Modi's announcement on next-generation GST reforms

New Delhi, Aug 15 (IANS) Business owners and traders across the country have welcomed Prime Minister Narendra Modi’s announcement of next-generation GST reforms, calling it a much-needed step to simplify the tax system and boost trade.

Federation of Sadar Bazar Traders Association Vice-President Paramjit Singh Pamma said the reforms will bring significant relief to traders who currently face tax rates ranging from 5 per cent to 28 per cent.

“This has been a long-standing demand of the trading community, and we welcome this announcement by Prime Minister Modi. It will help traders immensely,” Pamma said.

In his Independence Day address from the Red Fort, Prime Minister Modi hinted at sweeping changes to the Goods and Services Tax system.

“This Diwali, I am going to celebrate a double Diwali for you. The countrymen are going to get a big gift — there will be a huge reduction in GST on common household items,” he announced.

Calling the move “the demand of the hour,” the Prime Minister stressed the urgent need to review and rationalise GST rates to reduce the tax burden on ordinary citizens.

On the Prime Minister’s appeal to buy more indigenous goods, Pamma said the GST rate cut will strengthen domestic trade and make local products more competitive against imports.

He also remarked that India’s large market provides ample opportunities for domestic sales, though further reforms in local markets are needed.

The announcement comes as the country marks eight years since GST’s implementation in 2017, a landmark reform that unified India’s indirect tax system and improved the ease of doing business, particularly for small and medium enterprises.

With the upcoming changes, traders and industry bodies hope for a simpler, fairer, and growth-oriented GST structure.

--IANS

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