Kolkata, Sep 22 (PTI) ITC Ltd Chairman and Managing Director Sanjiv Puri on Monday described the rollout of next-generation GST reforms as a "historic moment" that would make products more affordable, boost consumption, and energise small and medium enterprises.

In a LinkedIn post, Puri welcomed Prime Minister Narendra Modi's announcement of the reforms on the eve of Navratri, calling it "far-sighted and pathbreaking" and a step that would accelerate India's journey to a 'Viksit Bharat'.

"The 'GST Bachat Utsav', combined with earlier bold revisions in income tax, has put Rs 2.5 lakh crore of savings in the hands of people.

"This will spur a virtuous cycle of consumption, investment, higher incomes and employment," Puri said in the post.

He said the reforms would simplify doing business for millions of value-chain stakeholders, especially MSMEs, small-scale and cottage industries, while also strengthening the "Swadeshi movement" to create world-class Indian products.

"At ITC, the credo of 'Nation First: Sab Saath Badhein' inspires us to build a future-ready portfolio of Proudly Indian Brands supported by over 200 factories and 7,500 MSMEs," he added.

Puri also underlined the need for "compassionate capitalism" by placing people and the planet at the core of enterprise strategy, while leveraging opportunities created by the reforms. PTI BSM NN

Next-generation GST reforms to simplify tax compliance and boost consumption, aiding MSMEs and domestic industry. Next-generation GST reforms aim to simplify indirect tax compliance, reduce consumer prices and stimulate consumption and investment. Branded as the 'GST Bachat Utsav,' the package, together with recent income-tax revisions, is presented as delivering consumer savings and broader fiscal stimulus. The reforms further seek to ease compliance for value-chain participants-especially MSMEs, small-scale and cottage industries-support domestic producers and advance Swadeshi objectives while encouraging firms to integrate social and environmental priorities.