Kolkata, Sep 19 : ITC Limited Chairman and Managing Director Sanjiv Puri on Friday welcomed the new Goods and Services Tax (GST) reform, calling it a positive step that will simplify business processes and boost consumption.

Speaking to IANS on the sidelines of the 124th Annual General Meeting of the Merchants' Chamber of Commerce and Industry (MCCI) here, Puri said, 'The new GST is a very good step. It will simplify the entire business process, make ease of doing business better, and benefit small enterprises as well.'

'With lower rates, consumption will go up and this will, in turn, create more employment opportunities,' he added.

The meeting was also attended by Bengal Chief Minister's Principal Chief Advisor Dr. Amit Mitra, along with other dignitaries.

At the MCCI event, Puri also spoke about the need for Indian businesses to reimagine their models with greater focus on innovation, sustainability, and resilience.

'Enterprises have a social role to play. We need business models that put people and the planet at the centre,' he said, highlighting trends such as digitisation, circularity, and supply chain resilience.

The latest GST reforms, which will come into effect from September 22, have been designed to reduce rates on several items and make the overall structure simpler.

According to a Crisil report, these reforms are unlikely to put major pressure on government finances.

While the government expects a short-term revenue loss of about Rs 48,000 crore annually, analysts say the impact will not be significant given last year's total GST collections of Rs 10.6 lakh crore.

Experts believe that the reduction in rates, combined with steady growth in demand for services and new items brought under GST, will help maintain revenue stability.

At the same time, lower tax rates on mass consumption items are expected to improve purchasing power, giving a broader push to the economy.

/IANS