Tag: GST Reforms

Business

GCCI Hosts Seminar on Landmark GST 2.0 Reforms in Presence of Goa CM Dr. Pramod Sawant

Tanisha Cardozo

The Goa Chamber of Commerce & Industry (GCCI) organized a landmark seminar on the newly announced GST 2.0 Reforms on 8th September 2025 at the Surendrababu Timblo Convention Hall in Panaji, Goa. The event was held in the backdrop of major tax reform decisions taken during the GST Council meeting on 3rd September 2025. Hon’ble Chief Minister of Goa, Dr. Pramod Sawant, was the Chief Guest for the seminar, while Shri Sarpreet Singh Gill, IAS, Commissioner of SGST Goa, graced the occasion as the Guest of Honour.

In her welcome address, GCCI President Mrs. Pratima Dhond termed the reforms as a momentous step for India’s indirect tax landscape. She highlighted the shift to a simplified two-slab GST structure of 5% and 18%, with a special 40% slab for luxury and sin goods. These changes, she noted, would stabilise tax administration, encourage compliance, and reduce litigation. The rollout of the long-awaited GST Appellate Tribunal was also cited as a significant step toward improving trust and ease of doing business.

Mrs. Dhond emphasized the wide-ranging benefits of the reforms: reduced compliance burdens for MSMEs, lower tax on essential goods for households, affordability in healthcare and insurance, and sectoral relief for farmers and artisans. She praised the government’s balanced approach to revenue while promoting inclusive economic growth.

GCCI’s Honorary Secretary, CA Rohan Bhandare, opened the session by underlining the historic nature of the reforms. He noted the symbolic significance of 3rd September 2025—not only as the day GST 2.0 was announced but also GCCI’s 118th Foundation Day. He acknowledged that many of the reforms aligned with GCCI’s long-standing recommendations, while urging adequate support during the transition given the tight implementation timeline.

Guest of Honour Shri Sarpreet Singh Gill, IAS, highlighted the contribution of Goa’s Chief Minister in building consensus at the GST Council. He praised Dr. Sawant for his proactive leadership in both GST and VAT reform deliberations.

In his keynote address, Chief Minister Dr. Pramod Sawant outlined the core decisions under GST 2.0. These included 90% upfront refunds for exports and inverted duty structures, simplified registration processes for small and e-commerce businesses, and the establishment of the GST Appellate Tribunal (GSTAT). He stressed that these reforms were designed to support MSMEs, exporters, and sectors like tourism and agriculture, which are crucial to Goa’s economy.

Dr. Sawant encouraged businesses and professionals to proactively transition to the new framework by updating systems, revising contracts, and aligning with compliance requirements. He reaffirmed the Goa government’s commitment to supporting industry through the transition and congratulated GCCI for its role in policy advocacy and thought leadership.

To commemorate the dual milestone of GCCI’s Foundation Day and GST 2.0, a special brochure titled “A Historic Convergence on 3rd September 2025” was unveiled by the Chief Minister.

The seminar concluded with a technical session. CA Gaurav Kenkre presented an overview of GST 2.0 proposals, followed by a panel discussion featuring Mr. Vishant Gaunekar, Additional Commissioner SGST Goa, and CA Gaurav Kenkre, moderated by CA Yatish Pai Vernekar, Co-chair of the Taxation & Financial Services Committee. The panel addressed emerging compliance issues, passing on rate reduction benefits, transitioning to the non-ITC regime, and key action points for industry.

An engaging Q&A session followed, allowing participants to gain deeper insights. The Vote of Thanks was delivered by CA Atindra Prabhu Bhatikar, with the event coordinated by Shri Kiran Ballikar, Director, GCCI.

This seminar marked a pivotal moment for Goa’s trade and business community, as it aligns with national reforms and reaffirms GCCI’s 118-year legacy of driving growth and advocacy.

Finance

GCCI Applauds Historic GST Reforms Aimed at Economic Growth and Social Inclusion

Tanisha Cardozo

The Goa Chamber of Commerce & Industry (GCCI), under the leadership of its President Ms. Pratima Dhond, has expressed strong support for the sweeping Goods and Services Tax (GST) reforms announced at the 56th GST Council Meeting. These reforms, hailed as one of the most progressive steps in India’s tax history, aim to simplify the indirect tax structure while promoting inclusive economic growth.

The introduction of a simplified two-slab GST structure — with rates of 5% and 18% — accompanied by a special 40% slab for luxury and sin goods, is expected to bring stability and clarity to the tax regime. GCCI believes this will lead to improved compliance, reduced litigation, and heightened investor and consumer confidence.

Among the most lauded aspects of the reform is the complete removal of GST on all individual life and health insurance policies — a move expected to increase affordability, boost insurance penetration, and strengthen the country’s financial safety net. GCCI considers this a landmark development towards financial inclusion and social security.

In the healthcare sector, the exemption of GST on 33 lifesaving drugs, and reduced rates on others including medical equipment, is expected to reduce the cost burden on citizens and enhance accessibility.

MSMEs, which form the backbone of India’s economy, stand to benefit significantly from reduced compliance burdens and lower tax costs. This boost to competitiveness could further energize employment and innovation in the sector.

The reforms also provide considerable relief to farmers and workers in labor-intensive industries. Reduced GST on tractors, farming equipment, textiles, leather goods, marble, and handicrafts is aimed at reviving rural and artisanal economies.

For households and the common man, daily-use products like soaps, hair oil, milk products, tea, coffee, namkeens, and bicycles now fall under the 5% or NIL tax bracket, improving affordability and encouraging consumption. This is expected to increase demand for discretionary and aspirational products including consumer durables, automobiles, and home appliances — potentially adding 20 to 50 basis points to GDP growth.

The operationalisation of the long-awaited GST Appellate Tribunal is expected to reduce legal disputes and foster ease of doing business. GCCI noted that the reforms address both industry concerns and public needs, maintaining a thoughtful balance. While the government may incur a revenue loss estimated between ₹0.7 to ₹1.8 trillion annually, this is offset by the continued application of the 40% GST rate on luxury and sin goods such as pan masala, aerated drinks, and tobacco.

GCCI President Ms. Dhond summed up the mood, stating, “This across-the-board reform is not only pro-business and pro-consumer, but also pro-society. By making insurance and healthcare affordable, while boosting consumption and competitiveness, the GST reforms will go a long way in strengthening India’s economic growth and socio-economic fabric of our nation.”

These reforms mark a turning point in India’s economic journey — blending fiscal prudence with inclusive growth.