Srinagar, Sept 05: Suheldev Bharatiya Samaj Party (SBSP) State President Jammu and Kashmir Vivek Bali has expressed heartfelt gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for announcing the Next-Gen GST Reforms, calling them a “historic and transformative step” for the nation’s economy.
On Wednesday, Finance Minister Nirmala Sitharaman unveiled major Goods and Services Tax (GST) reforms, introducing a simplified two-tier tax rate system of 5% and 18%, replacing the earlier complex structure. The reforms will take effect from September 22.
Welcoming the decision, Vivek Bali said, “Our SBSP party wholeheartedly welcomes these reforms as they will benefit traders, businessmen, entrepreneurs, and shopkeepers. It will improve the ease of living and ease of doing business while further strengthening our fastest-growing economy. MSMEs and farmers, in particular, will feel empowered, and manufacturing will receive a strong boost.”
He highlighted that the changes are expected to provide significant relief to traders, businesspersons, entrepreneurs, and shopkeepers across the country. The reforms aim to simplify taxation, reduce the burden on the common man, and foster a more business-friendly environment. Bali described the reforms as a “step in the right direction” to accelerate growth, support small enterprises, and bring tangible benefits to ordinary citizens.
Vivek Bali further emphasized that the reforms would have a significant impact in Jammu and Kashmir, where both traders and consumers are expected to benefit. “This is not just a tax reform but a confidence-building measure. It will encourage economic activities, enhance consumer spending, and provide relief to small businesses who form the backbone of our economy,” he remarked.
He added that the reforms would act as a bonus for traders and consumers alike, enabling them to contribute to a stronger economic ecosystem. Bali stressed that the decision reflects the government’s vision of inclusive growth and its determination to support India’s rise as one of the fastest-growing economies in the world.
