VASCO
The Verna Industries Association (VIA) has welcomed the much-anticipated “GST 2.0” reforms announced by the Union Finance Minister, describing them as a simplified tax structure that will benefit industries and consumers alike while stimulating overall economic growth.
VIA President Kalpak Arware said the reforms ” which include reduced GST rates on essential goods of daily consumption and enhanced use of technology ” are a major step forward for the economy.
“These reforms are going to stimulate economic growth and reduce inflationary pressures. At a time when India is facing tariff challenges from the US, GST 2.0 will act as a strong offset since our country is a vast, consumption-driven market,” Arware stated.
Arware said the benefits of the revised rates would extend across sectors.
“The cuts are wide-ranging and will help agro, FMCG, pharma, manufacturing, electronics, automobile, and the service industry. This broad-based impact will create a more robust business environment,” he said.
Highlighting Goa’s industrial landscape, Arware noted that the State’s pharma and consumer goods sectors stand to gain significantly.
“For Goa, the pharma and consumer goods manufacturing industry will benefit immensely, especially with 33 life-saving drugs being exempted from GST. The reduction in rates on appliances like air-conditioners and dishwashers will spur consumer demand, which in turn will boost manufacturing activity in the State,” the VIA president observed.
Calling the reforms a “timely and progressive move,” Arware said they would provide long-term stability for businesses. “This is not just about tax reduction ” it is about creating confidence in the economy and providing the right environment for growth. Industry players in Goa welcome these reforms and look forward to contributing positively to the state and national economy,” he concluded.
Arware said the GST reforms would have a measurable impact on national growth.
“It is heartening to see GST rate cuts across the supply chain. A growth potential in GDP of 0.2 to 0.3 percent in FY 2025“26 is estimated due to these reforms,” he added.
