New Delhi, Oct 9 — Industry stakeholders on Friday welcomed the latest GST reforms, saying they would strengthen trust in the tax regime and improve the ease of doing business, particularly for small and medium enterprises.
Abhishek Kumar, President of the Entrepreneurs Association of India (EAI), said the decision to reduce penalties addresses a long-standing industry demand and will help make the GST framework more business-friendly.
“Lowering penalties has been a long-pending demand to ensure that GST is not seen as a punitive mechanism but as an inclusive framework that supports businesses. This is a significant step towards building confidence in the GST system and the overall business environment,” he said.
Kumar added that the move to accelerate GST registration for small businesses operating through e-commerce platforms would provide a major boost to entrepreneurs.
He said simplifying the registration process and enabling businesses to register without the need to maintain offices in multiple states would make compliance easier and support business expansion.
Commenting on the Centre’s decision to establish a Rs 10,000 crore SME Growth Fund (SGF), Kumar said government support for MSMEs should extend beyond metropolitan cities and reach businesses in Tier-3 and Tier-4 cities as well.
“Given the size and diversity of India, assistance for MSMEs should not remain limited to metro cities. The new fund will help smaller enterprises scale up, expand operations and achieve export-oriented growth. Such funding support has been a long-standing requirement, and I would like to thank the Prime Minister for approving this initiative,” he said.
Ravi Sood, President of the Badli Industrial Estate Association, also welcomed the measures announced by the GST Council, saying they would encourage industrial growth, especially among micro, small and medium enterprises.
“The steps taken by the GST Council to support industries, particularly MSMEs, are commendable. We hope the government continues with such reforms, leading to greater liberalisation and enhancing confidence among both consumers and traders,” he said.
Sood further said Indian businesses possess strong growth potential and can emerge as global leaders if they continue to receive policy support.
“Our entrepreneurs have immense capabilities and the potential to become global leaders. If the government continues to back them through such measures, achieving the vision of a developed India well before 2047 will become a realistic goal,” he added.