New Delhi, Oct 3 Former Commerce Secretary Ajay Dua on Friday said that the next generation of GST reforms, which will probably be called GST 3.0 if the current one is 2.0, should aim at having only one rate.
Speaking to IANS here, Dua said that in most industrialised or developed countries, “there is just one GST rate, not two, and certainly not a third, with some rates going up on certain goods to as much as 40 per cent”.
“I think the Centre and the States, since they decide this together, will eventually settle down to one rate,” he added.
According to Dua, GST 2.0 is a next-gen reform which came into effect on September 22, just before the festival season started — in time for Durga Puja and Dussehra — and the festive season now continues almost till the middle of November, which will boost consumer demand.
Meanwhile, India’s economy witnessed its highest Navratri sales of consumer goods in over a decade, propelled by the government’s next-gen GST reforms that reduced tax rates and made products more affordable for the consumers.
These measures not only lowered prices but also unlocked consumer aspirations, enabling families to upgrade vehicles, invest in home appliances, and spend more freely on lifestyle goods, turning festive cheer into record-breaking consumption, as per the data.
Importantly, the first half of the festive season, spanning Onam, Durga Puja, and Dussehra, accounts for 40-45 per cent of total festive sales, making it the largest consumption season in the country.
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