Transformative GST Reforms to Boost Indian Economy by Rs 2 Lakh Crore
Finance Minister Nirmala Sitharaman announced a transformative GST reform expected to inject Rs 2 lakh crore into the Indian economy. The initiative, effective from September 22, reduces GST rates to two main slabs, ensuring more cash flow among citizens and addressing key economic sectors' needs.
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Finance Minister Nirmala Sitharaman unveiled next-generation GST reforms designed to inject Rs 2 lakh crore into the economy, giving citizens more disposable income. These measures emerged from a recent Outreach and Interaction Program focusing on tax reforms.
Sitharaman highlighted significant changes, with 99% of goods under the 12% GST slab moving to the 5% category. Consequently, 90% of items in the 28% slab dropped to 18%, signifying a broader economic impact. This reform strategy anticipates support from major companies, preemptively slashing rates to benefit consumers.
The plan, set for September 22 implementation, involves just two slabs—5% and 18%. Sitharaman emphasized the positive impact of these reforms, including substantial GST revenue growth and increased taxpayer numbers, while defending the NDA's efforts in contrast to past UPA policies.
(With inputs from agencies.)
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