Only four out of every 10,000 small- and medium-sized enterprises (SMEs) advance to mid-market status. Business leaders and Industry chambers advocate the need for reforms for corporate growth, as per a report by Pulse, the English service of Maeil Business Newspaper Korea.
Industry bodies and experts have welcomed the government's announcement of GST 2.0, calling it a move that will simplify the tax system and reduce the burden on consumers, ultimately giving a push to the economy. Speaking to ANI, representatives from various sectors affected by the recently
Indian stock markets continued their upward momentum on Friday with a positive opening, supported by optimism around the recently announced GST 2.0 reforms.
Union Minister of Commerce and Industry Piyush Goyal has assured that the benefits of the reduction in Goods and Services Tax (GST) rates will be fully passed on to the common man, with industries across all sectors committing to implement the reforms in letter and spirit.
Stressing that negotiations are underway with the United States over 50 per cent tariff on Indian goods, Union Minister of Commerce and Industry Piyush Goyal said that there is no need to "panic" as India and US will come to an equitable, balanced and fair agreement.
Union Minister Nityanand Rai hailed the reforms in the Goods and Services Tax (GST) and said that the poor people, farmers, labourers, and the middle class will benefit from the tax cuts.
According to the Ministry of Finance, coal previously attracted a 5 per cent GST, along with a Compensation Cess of Rs 400/ton, prior to the rate rationalisation.
Union Minister of State (MoS) for Finance, Pankaj Chaudhary, took a jibe at the Opposition and said that the move to rationalise GST rates to two slabs of 5 per cent and 18 per cent has not been brought for the Bihar Assembly polls.
According to an official release, the FICCI MP says that these reforms will strengthen the foundation of a Viksit Bharat while also creating new opportunities for states like Madhya Pradesh.