New Delhi: Following the Centre's landmark decision to slash and rationalise GST rates under the NextGen GST framework, Mahindra Group Chairman Anand Mahindra called for “more and faster reforms” to spur consumption and investment, further boosting the Indian economy. He described the move as a significant step toward strengthening India's global position and highlighted the need to maintain momentum, invoking Swami Vivekananda's exhortation: "Arise, awake, and stop not till the goal is reached."

“We have now joined the battle... More and faster reforms are the surest way to unleash consumption and investment, which will expand the economy and amplify India's voice in the world. But let's remember the famous exhortation of Swami Vivekananda: 'Arise, awake, and stop not till the goal is reached.' So, more reforms, please...” he said in a post on X.

Also Read

placeholder

'Welcome but 8 years too late': P Chidambaram criticises timing of Centre's GST rate cuts

placeholder

What are the key GST rate changes for insurance, agriculture, automobiles, electronics and education?

placeholder

Cigarettes face 40% GST while life-saving drugs cut to 5% — What gets cheaper and costlier from September 22

placeholder

From toothpaste to namkeens, essentials brought under 5% GST — know how it benefits households

placeholder

GST Council adopts two-slab structure; Know the key reforms aimed at ease of living and growth

placeholder

From toothpaste to Teslas: What’s likely to get cheaper or pricier under new GST plan

The response came after Finance Minister Nirmala Sitharaman unveiled sweeping cuts in Goods and Services Tax rates on a variety of essential goods, automobiles, agricultural inputs, and electronics. Termed the "Next-Gen GST Reform," the initiative aims to ease living costs while stimulating economic activity.

The 56th GST Council meeting rationalised GST slabs to just two rates: 5 per cent and 18 per cent, merging the earlier 12 per cent and 28 per cent slabs.

Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector at Mahindra & Mahindra, praised the reform’s impact on affordability and growth. He emphasised the continuation of the 5 per cent GST rate on electric vehicles, positioning it as crucial to India’s clean mobility mission. Jejurikar highlighted that the new rates will make farm machinery and tractors more affordable for farmers, reduce costs for commercial vehicles, and improve accessibility in personal mobility through rationalised SUV rates, which should stimulate demand and promote inclusive growth across the ecosystem.

Mahindra Group CEO and MD Anish Shah called the reforms transformative, aligning with Prime Minister Narendra Modi's vision for a citizen-centric Bharat. Shah lauded the government's focus on essentials like food, health, insurance, and agriculture, describing the reforms as a defining moment in India's tax ecosystem. According to Shah, the reforms simplify compliance, increase affordability, energise consumption, and instil greater confidence for industry investment, supporting India’s journey towards Viksit Bharat 2047.

RP-Sanjiv Goenka Group Chairman Sanjiv Goenka also welcomed the reforms for their citizen-first approach, highlighting the benefits for healthcare, education, agriculture, and overall economic momentum. Goenka attributed the changes to the leadership of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, emphasising inclusive growth.

The new GST rate structure, effective September 22, aims to simplify taxation, reduce cost burdens on citizens, and catalyse economic growth, benefiting multiple sectors and the broader population.

With inputs from ANI