GST Reforms Bring New Dawn for India

Union Finance Minister Nirmala Sitharaman declared the GST reforms a monumental victory for all Indian citizens at a Chennai event. This significant change, set to be implemented ahead of the Deepavali festival, is expected to simplify taxation and benefit people nationwide.

Sitharaman emphasized the reduction in GST tax rates, with 99% of previously 12% taxed goods now at 5%. This simplification, alongside an increase in the number of tax-paying businesses from 66 lakh in 2017 to 1.5 crore now, has seen government revenues increase dramatically.

Highlighting the broader impact, Sitharaman noted that these reforms are designed to stimulate business confidence and economic growth, aligning with Prime Minister Narendra Modi's vision for a developed India. Industry leaders like Hindustan Unilever Ltd and Godrej have pledged to pass on these benefits to consumers.

(With inputs from agencies.)