Chennai, September 2 (HS) : Union Finance Minister Nirmala Sitharaman on Tuesday stated that the next generation of Goods and Services Tax (GST) reforms will “completely” make the economy more open and transparent. These reforms are expected to reduce the compliance burden and benefit small businesses significantly.

Addressing the 120th foundation day celebrations of City Union Bank in Tamil Nadu, where President Droupadi Murmu was the chief guest, Sitharaman highlighted the progress made over the last 11 years in financial inclusion. She noted that more than 560 million Jan Dhan accounts have been opened, with total deposits amounting to INR 2.68 lakh crore. Of these accounts, 67 percent were opened in rural or semi-urban areas, with 56 percent held by women. The Finance Minister emphasized that a bank account is not just a passbook but a passport to opportunities, enabling access to credit, savings, insurance, and dignity. She also remarked that India’s scheduled commercial banks have recorded significant improvements in asset quality, resulting in a reduction of non-performing assets (NPAs).

Sitharaman further mentioned that Prime Minister Narendra Modi recently announced the formation of a task force to introduce next-generation GST reforms. The primary objectives of this task force are to simplify regulations, reduce compliance costs, and create a more enabling ecosystem for startups, micro, small, and medium enterprises (MSMEs), and entrepreneurs. She added that with the upcoming GST Council meetings scheduled for the next two days, the planned rollout of these GST reforms in the coming months will establish a fully open and transparent economy, further ease the compliance burden, and foster an environment conducive to the growth of small businesses.

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Hindusthan Samachar / Jun Sarkar