"Virtuous economic cycle...": BJP spokesperson Shehzad Poonawalla hails GST 2.0

New Delhi [India], September 23 (ANI): GST 2.0 has witnessed remarkable growth in consumption from the very first day of becoming operational, said BJP National Spokesperson, Shehzad Poonawalla, while addressing PHDCCI's "GST Conclave - GST 2.0" at PHD House, New Delhi. He termed the recent sweeping GST reforms as a "virtuous economic cycle."
He highlighted that Maruti Suzuki broke its 15-20 year sales record, selling 30,000 units in a single day with additional requests for 80,000 units.
Hyundai sold 11,000 vehicles, while leading electronic companies such as Haier reported a 15-20% growth compared to the previous week. Online platforms like Amazon and Flipkart also recorded substantial increases in traffic and sales.
"From Good and Simple Tax, GST 2.0 can now be translated into Gross Saving and Tax Low," Poonawalla remarked.
"It is a truly citizen-centric approach--benefitting consumers, farmers, manufacturers, and retailers alike. With lower costs, citizens will have more disposable income, which in turn will drive higher consumption, production, job creation, and ultimately, a virtuous economic cycle."
Ranjeet Mehta, CEO and Secretary General, PHDCCI, while emphasising on India's growth story, said "If the journey from independence was remarkable, the last 11 years have been truly transformative for India. GST has been one of the most significant structural reforms of the Modi Government."
"GST 2.0 is not just a tax reform; it is the foundation of India's growth story, central to the vision of Viksit Bharat. It sends a strong message that the government cares for its people and is committed to meaningful reforms."
Congratulating the Government on the landmark GST tariff restructuring, Advocate Pawan Arora, Chair, IDT Committee, PHDCCI, recalled the historic introduction of GST in 2016 that subsumed 17 different taxes into one unified tax regime.
He added that GST 2.0 further strengthens ease of doing business while benefiting the common man, industry, and the overall economy.
The inaugural session of the Conclave concluded with Sandeep Garg, Co-Chair, IDT Committee, PHDCCI, delivering the vote of thanks.
He emphasized that GST is not a destination but a continuous journey of reforms, collaboration, transformation, and nation-building. Over the past eight years, the Government of India has proactively addressed industry concerns and introduced amendments, making GST more mature and robust.
The conclave saw participation from industry leaders, experts, and legal advisors who discussed the practical implementation and transitional aspects of GST 2.0. Representatives from leading organizations such as Maruti Suzuki, JK Paper, Mankind Pharma, LG Electronics, Omaxe, Elixir, and MMTC were present.
On September 3, sweeping changes were made under the next-generation GST (Goods and Services Tax) rationalisation, just days after Prime Minister Narendra Modi announced it from the ramparts of the Red Fort on Independence Day. The GST Council has reduced the GST structure from four slabs (5%, 12%, 18%, 28%) to two main rates--5% (merit rate) and 18% (standard rate) along with a 40% special rate for sin/luxury goods.
This is aimed at reducing the tax burden on citizens while stimulating economic growth.
The GST Council, after a threadbare discussion, approved significant rate cuts across multiple sectors, which the government has described as a Diwali gift for the nation. The announcements were made by Finance Minister Nirmala Sitharaman.
As high as 99% of all goods that were previously in the 12% GST bracket have now been brought down to the 5% GST bracket, Finance Minister Nirmala Sitharaman said recently.
On September 22, the first day of Navratri, all changes to GST rates took effect.
PHDCCI will soon submit a detailed report of the deliberations and recommendations to the Government for consideration. (ANI)