New Delhi, Sept. 4 -- Industry bodies have welcomed the next generation GST reforms, saying that the simplification of the tax set-up will help in ease of doing business. The Confederation of Indian Industry - CII said that the two rates of 5 per cent and 18 per cent will simplify refunds and MSME procedures. It also hailed the exemption of individual life and health insurance from GST as pathbreaking. It further added that this clarity will ease compliance, reduce litigation, and give businesses and consumers the predictability they need. CII noted that by lowering rates on everyday items and critical inputs, the reforms provide immediate relief to families and strengthen the foundation for growth.

It expressed optimism that the Industr...