Excelsior Correspondent
MUMBAI, Sep 5: Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd and Reliance Retail, the country’s biggest retailer today welcomed India’s second-generation reforms of the Goods and Services Tax (GST) rates.
In a statement issued, Ambani today termed the second-generation GST reforms as a big booster to consumption-driven growth and promised to pass on the benefit of the cut in tax rates to consumers.
Congratulating PM Narendra Modi for delivering on his promise of a historic Ambani said, “New GST rates are Diwali gift to the people of India. The GST rationalisation is a progressive step towards making products and services more affordable for consumers, easing operational complexity of doing business, lowering inflation and driving consumption growth across the retail sector”.
“It will serve as a big booster to India’s economic growth. With the GDP growth rate having reached 7.8 per cent in the first quarter of this financial year, the new reforms have the potential to accelerate the economy even further, raising the growth rate closer to double digits,” he said.
Isha Ambani, his daughter and executive director at Reliance Retail Ventures Ltd, said, “The new GST regime, as a transformative step, brings relief to household budgets and simplifies compliance for the industry, creating a unique win-win for both consumers and businesses. Reliance Retail is committed to pass on the entire benefit of the new GST regime to customers from Day 1 across all its consumption baskets”.
“GST reforms reflect the Government’s clear intent to improve ease of doing business and promote consumer welfare. RR is fully committed to ensuring that the entire benefit of this reform reaches our customers transparently and without any delay,” she said.
“Our pledge is simple: whenever costs go down, our customers must get the benefit in their wallets,” she added.
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