India Inc gets...

"THE GOVERNMENT'S PROACTIVE step to reduce GST is a game-changing move that will significantly boost consumption across rural and urban India.

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GST rate cuts, coupled with income tax relaxations, lower repo rates and a good monsoon, create a powerful ecosystem to drive growth," Harsha Vardhan Agarwal, FICCI president and vice-chairman & MD, Emami, said. The government also clarified that issues such as input tax credit (ITC) would be streamlined as part of its GST 2.0 reforms. While the new tax rates would come into effect on September 22, ITC could be duly utilised by distributors to discharge output tax liabilities, the government said.