CII, Deloitte Applaud GST Council’s NextGen GST Reform

ENA Economy 2025-09-04 17:49:03 New Delhi, Sep 4 (KNN) The Centres decision to rationalise Goods and Services Tax (GST) rates under the NextGen GST framework has drawn wide praise from industry leaders and policy experts, who termed it a significant milestone in Indias tax reforms. The reform, announced on Wednesday, simplifies the GST structure by consolidating rates into two slabs of 5 percent and 18 percent, aimed at easing compliance, eliminating inverted duty structures, and boosting consumption. Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), described the move as a phenomenal milestone, noting that lowering rates on essential items and critical inputs would provide immediate relief to households while supporting long-term growth. Former NITI Aayog CEO Amitabh Kant hailed the step as bold and visionary, saying in a social media post that the rationalisation would simplify the structure, boost consumption, raise capacity utilisation, and drive fresh investment. Global consultancy Deloitte India also welcomed the changes, calling them a reform that prioritises the real drivers of the economy. Mahesh Jaisingh, Partner and Indirect Tax Leader, Deloitte India, said the 56th GST Council meeting reflected a strong reformist intent, going beyond rate cuts to address structural changes and improve ease of doing business. The sweeping GST revamp is expected to strengthen Indias consumption-led growth trajectory while enhancing competitiveness across sectors. (KNN Bureau) 43394 https://knnindia.co.in/news/newsdetails/economy/cii-deloitte-applaud-gst-councils-nextgen-gst-reform 2025-09-04 17:49:03 knnindia.co.in CII, Deloitte Applaud GST Council’s NextGen GST Reform