“Grand Diwali Gift”: Industry leaders Laud GST repair, panels reduction to 5 % and 18 %

Deback Shinoy, CEO of CapitalMind AMC, said, while Harsh Joinca, CEO of CapitalMind AMC, said, while Harsh Gwnca, Chairman of RPG Enterprise, said the big gift of Diwali for every Indian. This comes after the commodity and services tax council announced the simplification of the tax system, and reduced the number of panels to two of the previous four panels.

After the council led by Finance Minister Nermalla Sitaramann announced the change, reactions poured out from the industry.

“Diwali’s big gift for every Indian! GST of the next generation = ease of living + enhancement of the economy,” said Gwnca. “Reducing the commodity and services tax is actually very good because it helps to reduce both the input and output of the GST for many elements, which means that companies can reduce effective prices and should be visible in cars, trucks and cement quickly in the hope that the services will remain by 18 % until little change.”

The veteran in the market, Nilch Shah, said, “The unification of commodity and services tax panels and the rationalization of prices is” Ek Teer Kai Nishaan “… Diwali’s gift is 48,000 rupees that can be financially controlled in about 7 billion years.

This step will be strong in stimulating consumption. “The cuts in the commodity and services tax have been targeted to enhance the consumption of poor and medium -income groups. Most of these goods are sensitive categories of prices, such as basic elements, small dulls, personal care, and novice cars at the GST level, and with more wheels, this will be more powerful in taxes. She said that aggressive monetary policy can enhance GDP with more than 90 basis points “.

“The step of the Commodity and Services Tax Council to rationalize taxes is a clear indication of India’s transformation towards simplicity, transparency, prediction, ease of business, thus enhancing the basis for long -term structural growth. For the archaeological economy of daily commodity tax,” it was said, production practitioner, boat, COAM, COAM, COAAM, COAM, COA. Wealth Ltd.

Economist and Chairman of the Sixteenth Finance Committee, Arfind Panagaria, described it as a “great reform” and they congratulated the government in addition to Setharaman and Prime Minister Narendra Modi.

The Council simplified the tax and services tax from four panels – 5, 12, 18 and 28 percent – to two – 5 and 18 percent. A 40 percent special board for luxury and sinful goods has also been suggested.

Meanwhile, the common elements including Rotty/Parathta, hair oil, ice cream, and TVs will cost less, while the tax on personal health and life insurance has been dropped. Almost all elements of personal use and ambitious commodities of the middle class, such as AC, washing machines, will witness price cuts. Premium paid for individual life insurance and health insurance (including family floating), policies have also been exempted from goods and services tax.

FM Sitharaman said that the new prices for all products, with the exception of Pan Masala, Gutkha, cigarettes and tobacco chews such as Zarda, non -manufactured Tobacco and Beedi, will be valid on September 22.