GST 2.0 to Unleash Consumption, Cushion Economy From US Tariffs

The GST rate rationalisation is set to kick off a cycle of growth for India's economy, driven by a major consumption boost, and provide much-needed cushion against the headwinds emanating from "lopsided" tariff regimes being pushed by the US, industry leaders said on Thursday.

- PTI

The GST Council on Wednesday cleared sweeping changes to the indirect tax regime, approving an overhaul of rates by limiting slabs to 5 per cent and 18 per cent effective from September 22, the first day of Navaratri.

Ashok P Hinduja, Chairman, Hinduja Group of Companies (India), said the GST rate cuts announced across the board augur well for the economy as they will support India's macroeconomic stability by spurring demand at the grassroots level.