Mumbai, Sept. 4 -- FICCI hails the landmark decisions taken at the 56th GST Council Meeting, marking a transformative step in India's economic journey and ushering in next-generation GST reforms. The Government, under the visionary leadership of Hon'ble Prime Minister, with the tireless efforts of Union Finance Minister, State Finance Ministers, and officials of the GST Council and CBIC, has once again delivered reforms that strengthen the foundation of a Viksit Bharat, the industry body said.

The rationalisation of GST rates into a simplified two-tier structure (18% and 5%), with a special de-merit rate for select goods, is a consumer focussed and growth-oriented reform that will bring transparency, predictability, and stability to Indi...