GST 2.0 Session in Mumbai Focuses on Reforms and MSME Growth

World Trade Centre, Mumbai (WTC) and All India Industries Association (AIAI) organized a session on GST 2.0: Road to Viksit Bharat in the presence of top tax officials at Centre and State level, leading tax experts, members of business communities and other dignitaries here on 12^th September 2025. 

The event comes in the backdrop of recent GST rate rationalization exercise moving towards a simplified version of indirect taxation. Shri K.R. Uday Bhaskar, Principal Chief Commissioner, CGST, Central Zone in his address at the conference highlighted the consistency with which the GST council has met with an average meet in 55 days. He mentioned that the GST has finally begun to pay dividend. The tax payer vase increased from 66.5 lakh crores in 2017 to 1.53 crore in 2025. It recorded its highest ever collection of revenue of 22.08 lakh crore out of which Maharashtra alone contributed 7.5 lakh crore, with a share of 21%. He further said that this consistent rise in revenue collections and growing base of active taxpayers reflects not only the growing formalization in the economy but also the confidence in the economy. At last, he called upon representations and inputs from all the stakeholders so that the system continues to be finetuned. He also stressed on the fact that the rate rationalisation touched 391 tariff lines in goods and 15 tariff lines in services juxtaposing it with current export situation. At last, he mentioned that the reform proposals are based on three key pillars, Structural reforms like Inverted Duty Correction, resolving classification issues, rate rationalization like reduction of rates and slabs and ease of living.

“The current reforms are not only reduction but rationalisation as no. of items are covered are 3 to 4 times higher than the last time”, added Shri Asheesh Sharma, Commissioner of State Tax, GST department, Government of Maharashtra. He further remarked that the GST council has stressed on monitoring and system driven checks and balances emphasising on the benefits accruing to the economy. He emphasised on the fact that rate rationalization leads to correction of Inverted Duty Structure which will help in certain key sectors improving the liquidity position of producers especially MSME. The issue of revenue has not only two dimensions vis-à-vis Centre and States but Consumers as the third dimension, a remark which drew applause from the audience. He further outlined that multiplicity of rates creates complications diverting attention of taxpayers Thus, the entire reform requires to be repurposed to provide enabling eco system for achieving next generation reform.

Supplementing to this, Ms. Anindita Chatterjee of TCN Global Economic and Advisory Services LLP, in her detailed video presentation said that the rationalization exercise should be based on end use consumers keeping in mind the income of the consumers. She also highlighted the need of Anti-Profiteering mechanism to be implemented with urgency so that benefits reach the end consumers.

Echoing the viewpoints, Ms. Ragini Tulsian, leading tax expert added that companies should detail on few considerations like tax inclusive contracts, recalibration of accounts, etc. to prepare for future.  

Mr. Vijay Kalantri, Chairman World Trade Centre and President, All India Association of Industries, spoke on the expectations of industries focusing on Capacity Building, Costs and Competitiveness for increased growth and exports. Mr. Kalantri also spoke on the vitality of MSMEs which contribute nearly 30% of GDP and employs 60% of workforce. He highlighted the share of private consumption which is 60% of the GDP and by reducing rates has spurred demand. At last, he called this reforms to come at strategic as it came timely to deal with global uncertainties. He reiterated that WTC Mumbai stands with the industries in taking India’s growth story ahead.

The Guests in the latter part took wide array of technical and non-technical questions from the participants making the session truly interactive.

Later, Ms. Sangeeta Jain, Senior Director, AIAI, concluded the event by thanking guests, dignitaries and all the participants for their time and insights.