From Left to Right: Ms Priya Pansare, Mr . Asheesh Sharma, Mr.Vijay Kalantri, Mr K.R Uday Bhaskar, Ms. Sangeeta Jain
From Left to Right: Ms Priya Pansare, Mr . Asheesh Sharma, Mr.Vijay Kalantri, Mr K.R Uday Bhaskar, Ms. Sangeeta Jain
WTC Mumbai hosts high-powered session on future of tax reforms
The 56th GST Council Meeting held on September 3, 2025 ushered in landmark reforms in India’s indirect tax journey. Against this backdrop, the World Trade Center Mumbai and All India Association of Industries (AIAI) organized an interactive session on “GST 2.0: Road to Viksit Bharat” to address concerns of the business community through insights from eminent government officials, tax experts, and industry leaders.
The session was graced by Shri K. R. Uday Bhaskar, I.R.S., Principal Chief Commissioner, CGST & Central Excise, Mumbai Zone, and Shri Asheesh Sharma, IAS, Commissioner of State Tax, Goods & Services Tax Department, Government of Maharashtra, as Guests of Honour. Expert perspectives were further shared by Ms. Ragini Tulsian, GM – Head of Taxation, Akasa Air, and Ms. Anindita Chatterjee, Partner & Deputy CEO, TCN Global Economic and Advisory Services LLP.
Delivering the keynote, Shri K. R. Uday Bhaskar, underlined the scale and evolution of the tax framework. He noted, “The of E-Way Bills and E-Invoicing requirements applies to all businesses with an Annual Aggregate Turnover (AATO) exceeding ₹5 crore, has eased cumbersome processes. Taxpayers themselves acknowledge that compliance has become smoother, enabling greater efficiency in business and documentation.” He further highlighted that Maharashtra continues to be the highest contributor to India’s GST collections, accounting for nearly 21% of the total share.
Shri Asheesh Sharma emphasized the balance that GST 2.0 seeks to achieve, remarking, “The current reforms are not only about reducing rates but about ensuring rationalization. A fine balance between revenue generation, industry viability, and consumer interests is essential.” He further added that there is close monitoring on the timing of refunds to minimize delays for MSMEs.
Representing industry, Dr. Vijay Kalantri, Chairman, WTC Mumbai and President-All India Association of Industries (AIAI) , underscored the impact of taxation and logistics on MSME competitiveness. He stressed that simplification of compliance will be pivotal in widening participation and boosting revenue.
Expert speakers – Ms. Anindita Chatterjee and Ms. Ragini Tulsian, addressed sectoral concerns, ranging from rural affordability of essential goods to challenges in the hospitality industry due to inverted duty structures. The discussion underscored the need for reforms that ease working capital blockages and ensure benefits are passed on to consumers.
The proceedings concluded with a Vote of Thanks delivered by Ms. Sangeeta Jain, who expressed gratitude to the dignitaries, panelists, and participants for their valuable contributions, and reaffirmed WTC Mumbai’s commitment to facilitating informed policy dialogue in support of India’s economic transformation.
The session closed with a unified call: GST 2.0 must move beyond being a tax reform to become a growth catalyst—empowering MSMEs, boosting exports, and advancing India’s journey toward Viksit Bharat