Experts from the financial arena reacted positively but cautiously after the GST Council meet announced several decisions including slashing of tax rates.

“All we have been hearing and debating has been confirmed,” said Harishanker Subramaniam, Partner at Ernst & Young, India in reaction to the rate slash. Terming the decision to make the tax payment a monthly process as a positive move, he said that it is now time to wait and watch.

MS Mani, Partner at Deloitte said that the most significant result of the meet is that in future the council will not only consider merely about revenue collection but also the broader macro-economic aspects. "There were two things which stood out from what Piyush Goyal said. The first very important point that he made was GST council in future will not be guided only by revenue collections, they are also going to consider broad level macro issues such as job growth, GDP growth, what is relevant to a particular state which I think is a very good perspective to have,” he said.

Pratik Jain of PwC India that the new developments and reforms are focused mainly on consumers and SMEs. Talking about the inverted duty fund, Jain said that it will be a big benefit for the textile sector.

First Published:Jul 21, 2018 9:26 PM IST