The President of Chandigarh Chapter of Confederation of All India Traders (CAIT), Harish Garg has termed GST reforms and restructuring of tax rates as historic and revolutionary.
He said, these reforms will not only benefit small traders, consumers and the country’s economy, but this step will simplify the tax structure and give new impetus to the country’s economic activities and trade by increasing consumption significantly.
Mr Harish Garg expressed gratitude to Prime Minister Narendra Modi on behalf of traders across the country and said that the reforms to reduce tax on more than 400 items will provide great relief to the common man in daily expenses and the tax system will also be streamlined. This is indeed a big Diwali gift to the country from Prime Minister Modi.
Mr. Garg said that according to a recent report of the State Bank of India, these GST reforms will significantly increase domestic consumption. The report estimates that consumption will increase by 7-8 per cent in the upcoming festive season. This increase in consumer spending will directly benefit the retail trade and the sales of small shopkeepers.
CAT Chandigarh Chapter General Secretary Bhim Sain, Vice President Prem Kaushik, Harishankar Mishra, Pawan Garg, Treasurer Ramesh Singla, Organization Secretary Ajay Singla and Secretary Naresh Garg said that the government has given a big relief to the middle class and senior citizens by exempting insurance services from GST. This will make the premium rates of health and life insurance more affordable. This will encourage insurance coverage.