Finance Minister Nirmala SItharaman on Wednesday said that the Goods and Services Tax (GST) rejig is set to bring to Rs 2 lakh crore in hands of the common people, signalling at a possibility of higher discretionary spending.
Speaking at an event on 'Next Gen GST Reforms' in Visakhapatnam, the Union Minister said that 99% of the goods that contribute to 12% of the revenue have come under the 5% GST slab, which will be very beneficial for the middle class and the poor.
According to the minister, the GST Council’s decision is aimed at easing the tax burden on consumers and improving liquidity in the economy.
"The benefits provided to various industries in the country will be tenfold greater for the public with these next gen GST reforms," Sitharaman said.
Speaking at an event on 'Next Gen GST Reforms' in Visakhapatnam, the Union Minister said that 99% of the goods that contribute to 12% of the revenue have come under the 5% GST slab, which will be very beneficial for the middle class and the poor.
According to the minister, the GST Council’s decision is aimed at easing the tax burden on consumers and improving liquidity in the economy.
"The benefits provided to various industries in the country will be tenfold greater for the public with these next gen GST reforms," Sitharaman said.
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