New Delhi, Sept. 4 -- The Centre's decision to rationalise Goods and Services Tax (GST) rates under the NextGen GST framework has drawn wide praise from industry leaders and policy experts, who termed it a significant milestone in India's tax reforms.

The reform, announced on Wednesday, simplifies the GST structure by consolidating rates into two slabs of 5 percent and 18 percent, aimed at easing compliance, eliminating inverted duty structures, and boosting consumption.

Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), described the move as 'a phenomenal milestone', noting that lowering rates on essential items and critical inputs would provide immediate relief to households while supporting long-term growt...