Srinagar: The Chamber of Commerce and Industry Kashmir (CCIK) has hailed the Goods and Services Tax (GST) reforms announced by the GST Council, describing them as “historic” and a significant boost for multiple sectors including tourism, handicrafts, MSMEs, and healthcare.
CCIK President Tariq Ghani said the reduction in GST rates on essential commodities, along with exemptions on life and health insurance premiums and tax relief on life-saving medicines, would bring substantial relief to the common people.
“Making medical treatment and insurance affordable is a landmark step. These reforms are not only economic measures but also compassionate decisions aimed at safeguarding lives and livelihoods,” Ghani noted.
He added that MSMEs and small traders would gain from reduced input costs and simplified compliance, which would encourage entrepreneurship and generate new opportunities for the youth. Ghani also emphasized that the tourism sector, a key driver of Kashmir’s economy, would benefit significantly from the revised tax regime.
Calling the reforms “Next Generation GST Reforms,” as described by Prime Minister Narendra Modi, Ghani said the measures reflect the government’s commitment to inclusive growth and social justice.
“These reforms will ease the financial burden on families, empower small businesses, and strengthen our economy,” the CCIK President said.
