India Inc on Thursday hailed the GST Council’s “forward-looking decisions” — moving to two rates of 5 per cent and 18 per cent from 22 September, simplifying refunds and MSME procedures, and exempting individual life and health insurance from the indirect tax regime.

Industry bodies said the clarity will ease compliance, reduce litigation, and give businesses and consumers much-needed predictability.

CII Director General Chandrajit Banerjee said, “This move on GST reforms is a phenomenal milestone. By lowering rates on everyday items and critical inputs, the reforms provide immediate relief to families and strengthen the foundation for growth”.

-PTI