GST Reforms: Anand Mahindra To Harsh Goenka— Here's What India Inc Makes Of New Tax Rate Cuts

The GST Council on Wednesday approved limiting slabs to 5% and 18%, effective from Sept. 22, the first day of Navaratri. Briefing reporters after a marathon day-long GST Council meeting, Union Finance Minister Nirmala Sitharaman said all decisions were taken unanimously, with no disagreement with any state.

The panel cleared the proposal to simplify the GST structure by reducing it from the current four slabs — 5%, 12%, 18% and 28% — to just two.

The move has been widely welcomed across industries. Here's a look at top business leaders who have praised the latest reform.

Anand Mahindra, Chairman, has hailed the move. "We have now joined the battle. More and faster reforms are the surest way to unleash consumption and investment," he said.

"Those, in turn, will expand the economy and amplify India’s voice in the world. But let’s remember the famous exhortation of Swami Vivekananda: “Arise, awake, and stop not till the goal is reached.” So, more reforms, please," he wrote on X.

Meanwhile, Harsh Goenka, Chairman, RPG Enterprises Ltd., hailed the new GST reform as a 'Big Diwali gift for every Indian!'

"GST on daily essentials, healthcare, education & farming inputs slashed. Cheaper groceries relief in healthcare, affordable education and support for farmers. Next-gen GST = ease of living + boost to economy," he wrote on X.

Truly a Diwali gift for all! commented Kiran Mazumdar Shaw, Executive Chairperson of Biocon Ltd.

Anish Shah, Group CEO and MD, Mahindra Group shared, that the Next Gen GST reforms mark a defining moment, simplifying compliance, easing costs on essentials, correcting inverted duties & energising key sectors like auto, agri, healthcare, renewables & MSMEs.

"A bold step aligned with the Hon’ble PM’s vision of a citizen-centric, future-ready Bharat," he wrote on X.

Subhrakant Panda, Managing Director, Indian Metals & Ferro Alloys Ltd., wrote that GST 2.0 is a big bang move which will spur demand besides simplifying many of the related processes.

"It reflects the maturation of the indirect tax regime which has seen a steady rise in collections, and strengthens the foundation for a self-reliant India in line with Hon’ble PM Modi ji’s vision. Kudos to Hon’ble FM and the members of the GST Council for this bold step," he shared on X.