Next-gen GST to open up economy, says Sitharaman

• FM says asset quality of banks has improved a lot

- FE BUREAU & PTI

THE NEXT GENERATION GST reforms would "absolutely" set the economy open and transparent with a further reduction in compliance burden, particularly benefiting small businesses, finance minister Nirmala Sitharaman said on Tuesday.

Speaking at the 120th Foundation Day celebrations of City Union Bank (CUB), where President Droupadi Murmu was the chief guest, Sitharaman said Prime Minister Narendra Modi recently announced a task force for next-generation reforms with a clearer mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for startups, MSMEs and entrepreneurs.

"Complementing this, the planned rollout of the next generation GST reforms with the planned Council meeting tomorrow and the day after, will set an economy absolutely open and transparent in the coming months and with further reduction in compliance burden, making it easier for small businesses to thrive," she said.