New Delhi, Sep 25 || Confederation of Indian Industry's (CII) Western Region President Rishi Kumar Bagla on Thursday said the recent Goods and Services Tax (GST) reforms have simplified tax filing for industries and will enhance ease of doing business in the country.
Speaking at a CII event in the national capital, Bagla said the government has undertaken two major changes under the new framework.
"First, the tax slabs have been reduced to two, making goods significantly cheaper and more affordable for consumers. Second, in GST 2.0, the government has further simplified the indirect tax system. This has simplified tax filing and will promote ease of doing business," he said.
The reforms, which came into effect on September 22, cut taxes on nearly 370 products, including daily essentials and life-saving medicines.
The number of tax slabs has been reduced from four — 5 per cent, 12 per cent, 18 per cent, and 28 per cent, to two — 5 per cent and 18 per cent. Several items that earlier attracted GST between 5 and 18 per cent have now been moved to the zero-tax category.