Ambani Hails GST as Boost for India's Economy

• Ambani hails GST reform as "Diwali Gift" for economy and consumers.
• GST Council scraps 12% & 28% slabs, effective Sep 22, simplifies rates.
• Reliance Retail pledges immediate pass-through of GST benefits to shoppers.

Mukesh Ambani sees the recent GST reforms as a game-changer, poised to fuel India's economic rise. He hailed the move as a boon for consumers and businesses

alike.

GST: A Gift

Mukesh Ambani celebrated the Government of India's GST reforms. He labeled it a 'Diwali Gift' set to improve the economy. The focus is on affordability and boosting growth. Reliance Retail pledged to ensure customer benefits are passed on immediately.

Retail's Commitment

Reliance Retail, led by Isha Ambani, is committed to providing the complete benefit of the new GST regime to its customers right away. The changes aim to bring significant relief to household budgets, making compliance easier for the industry. This also simplifies business operations.

Rate Rationalization Impact

The GST Council scrapped the 12% and 28% slabs, retaining only the 5% and 18% rates. These changes, effective September 22, mark a significant reset since 2017. Essentials, personal care, travel, and gadgets will now be more affordable for the Indian consumers.

Economic Growth Boost

With India's GDP reaching 7.8% in the first quarter, the reforms could boost growth further. Ambani highlighted that the GST rationalization eases business and lowers inflation. It is set to drive consumption growth in the retail sector.