GST reforms as 'Diwali gift' major step towards improving tax efficiency

New Delhi, Aug 16 (IANS) The announcement of next-generation GST reforms as a “Diwali gift” is a major step towards improving tax efficiency, enhancing compliance, and simplifying processes, according to industry chambers.

These reforms will not only reduce the tax burden on citizens and businesses but also boost the ease of doing business, stimulate domestic consumption, and attract greater investments.

“Equally noteworthy are the government’s continuing efforts to modernise regulations and streamline approvals, creating a truly enabling environment for enterprise growth,” said Rajiv Memani, President, CII.

The decision to present a bill in Parliament on decriminalising minor offences, along with the constitution of a dedicated taskforce for next-generation reforms to align existing laws with the needs of the 21st century, will give a major boost to industry by reducing compliance costs, removing operational bottlenecks, and fostering a climate of trust, innovation, and competitiveness, he mentioned.

CII also applauded the heightened focus on strategic sectors — the push for Made-in-India semiconductor chips by year-end underscores India’s emergence in global tech manufacturing, while the Sudarshan Chakra Mission, energy self-reliance, and space capabilities, including the plan for an indigenous space station, signal a transformative leap in indigenous innovation.

“CII stands ready to work closely with the government and stakeholders to advance these reforms, facilitate industry participation, and ensure that India’s growth story remains robust, inclusive, and globally competitive,” said Memani.

The apex industry chamber commended the Prime Minister’s bold and forward-looking roadmap towards achieving Viksit Bharat by 2047, anchored in sustained reforms and a resilient Atmanirbhar philosophy. With emphasis on self-reliance, innovation, and citizen empowerment, the Prime Minister underscored India’s evolution from dependence on others to becoming a confident, technologically advanced, and economically robust nation, said CII.

MSMEs, as the backbone of India’s economy, stand to gain significantly from these measures. Increased access to talent, targeted incentives, and a stronger domestic manufacturing ecosystem will enable them to scale, innovate, and integrate more deeply into global value chains.

—IANS

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