New Delhi, Sep 07 The US-India Business Council (USIBC) has commended India’s rationalisation of tax slabs, viewing it as a significant move towards a simpler, more transparent, and efficient tax system.
USIBC stated that such reforms improve India’s business climate and signal commitment to global investors. The council highlighted that the reduction in GST rates across various sectors, including food, healthcare, and electronics, will boost consumer affordability and benefit businesses.
The shift to a dual-slab structure (5% and 18%, plus a 40% slab for luxury/sin goods) is anticipated to enhance consumption, with a Crisil report projecting a 6-7% growth in India Inc.’s revenue this fiscal year. The timing of these reductions is considered opportune, coinciding with global uncertainties and India’s peak consumption festival and wedding season.
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