Srinagar: The PHD Chamber of Commerce and Industry (PHDCCI) Kashmir has welcomed the Central Government’s recent decision to rationalize the Goods and Services Tax (GST) structure and slash rates on several categories, calling it a “truly welcoming step for the Indian economy.”
In a statement issued to Ziraat Times on Thursday, PHDCCI Kashmir Chairman, A P Vicky Shaw, expressed particular satisfaction over the reduction of GST to 5% on handicraft items, describing it as a long-awaited relief for Kashmir’s artisans.
“This decisive move will provide an immense boost to our nation’s talented craftspeople and artisans,” Shaw said. “Sectors such as Pashmina, carpet weaving, wood carving, Sozni embroidery, Paper Machie, and numerous other traditional crafts will now be more competitive, helping preserve our cultural heritage.”
Shaw noted that the simplification of the GST structure into two main slabs—5% and 18%—was a “masterstroke” that would improve the ease of doing business across India, particularly for Micro, Small, and Medium Enterprises (MSMEs). “This clarity will ease compliance, reduce litigation, and finally give both businesses and consumers the predictability they need to plan for the future with confidence,” he added.
According to PHDCCI Kashmir, the reforms will not only benefit businesses but also households. “By lowering rates on everyday items and critical inputs, the government has provided immediate relief to families while laying the foundation for sustainable, long-term economic growth,” Shaw said, lauding the GST Council’s decisions as “forward-looking reforms.”
The trade body also stressed that the changes would free up valuable time and resources for businesses, enabling them to focus on growth, innovation, and competitiveness in domestic and international markets.
