Next-Gen GST Reforms Will Set Economy Open & Transparent

The Centre's ambitious overhaul of the GST will be considered by all powerful GST Council in a two-day meeting starting Wednesday

- OUR CORRESPONDENT

CHENNAI: The next-generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday during the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank.

Sitharaman said Prime Minister Narendra Modi recently announced the creation of a Task Force for next-generation reforms with a clearer mandate to simplify regulations, lower compliance costs and also build a more enabling ecosystem for startups, Micro, Small and Medium enterprises and entrepreneurs.

In his Independence Day address, PM Modi announced big-ticket GST reforms and promised a Diwali bonanza for citizens.

Sitharaman further said that if India is advancing towards its vision of Viksit Bharat 2047, then the banks are called upon to not only expand credit but also provide momentum for infrastructure development, ensure timely and need-based funding for MSMEs, bringing the unbanked into the fold of formal banking and meeting diverse requirements where the support of banking channels was vital.