CII Jharkhand session highlights how GST 2.0 will reshape Indian industry

Industry Must Support Government Initiatives for Atmanirbhar Bharat: Sanjay Kulkarni

GST 2.0 Will Boost MSMEs and Middle-Class Families: Vikash Mittal

GST 2.0 is Blueprint for Next Decade of Growth: Arun A Gaur

GST 2.0 a Milestone in India’s Tax Journey: Jayesh Taunk

Jamshedpur, September 22: The Confederation of Indian Industry (CII) Jharkhand organized a session on “GST 2.0 – Key Changes & Industry Implications” at Jamshedpur, focusing on the theme “Transitioning GST 2.0 – Implications, Challenges & Opportunities.” The event highlighted recent GST reforms, compliance requirements, and their impact on businesses, aiming to ensure operational continuity, streamline financial processes, and prepare the industry for a smooth transition.

Jayesh Taunk, Mentor, CII Jharkhand and CEO of Jayesh Taunk & Co, described GST 2.0 as a milestone in India’s indirect tax journey. He noted that the reforms simplify compliance, enhance transparency, and create new opportunities, while presenting fresh challenges, particularly for MSMEs. He emphasized that GST has improved ease of doing business by replacing the complex web of central and state taxes, supported by the robust GSTN portal for real-time monitoring and reduced tax evasion.

Vikash Mittal, Convenor of CII Jharkhand’s Economic Affairs, Finance & Taxation Panel and Chief Legal Counsel, Tata Steel Ltd, called GST 2.0 a transformative reform. He explained the new simplified tax structure with 5% for essentials, 18% for standard goods and services, and a 40% demerit rate for luxury and sin goods. He highlighted its potential to benefit MSMEs, traders, farmers, women, and middle-class families, while reducing inflation and boosting demand in sectors like automotive, FMCG, and healthcare.

Sanjay Kulkarni, President, Fleetguard Filters Pvt Ltd, praised the government’s efforts in rationalizing tax slabs and aligning states, supporting Prime Minister’s vision of Atmanirbhar Bharat. He stressed the importance of businesses supporting government initiatives and leveraging GST 2.0 for sustainable growth and national development.

Arun A Gaur, Co-Convenor of CII’s Economic Affairs Panel and Director of Bhoomatey Homes Pvt Ltd, highlighted GST 2.0 as a cornerstone of India’s tax reforms, promoting simplicity, efficiency, transparency, and data-driven governance. He described it as a blueprint for India’s economic growth, fostering competitiveness and collaboration between industry and government.

The session included expert insights from industry leaders such as Vivek Jalan, Arun Prakash, Praveen Hegde, Priyanka Ganguly, Pankaj Patwari, Jyoti Prakash, Dhanu Kumar, and Nishant Pujara. Participants gained practical strategies for navigating GST 2.0, understanding compliance, and aligning operations with the new tax framework, making the event a key platform for knowledge sharing across industries.