GST Now Touches Every Part of Daily Life, Says Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman shared some exciting updates on the Goods and Services Tax (GST) during an event in Chennai on Sunday. She explained how GST has become a big part of everyday life in India, affecting everything from your morning cup of tea to your evening meal.
"From the time you wake up until you hit the bed, GST’s impact is everywhere," Sitharaman said. She pointed out that these recent GST reforms make life easier for regular folks by cutting costs on daily essentials.
Before GST rolled out, only around 66 lakh businesses were in the tax net. Fast forward eight years, and that number has jumped to 1.5 crore. Sitharaman credits this massive growth to the government’s push for simple and transparent tax rules, which has brought more small businesses into the fold.
Over the last eight months, the team has simplified tax categories to avoid any confusion for businesses. This means lower input costs for products, which cuts down production expenses and helps keep prices affordable for consumers.
One key change? Sitharaman highlighted that 99% of goods previously taxed at 12% under GST now fall under the 5% slab. This makes everyday items like groceries and household goods cheaper, offering real relief to common people across India.
The minister also noted how this ease has encouraged manufacturers and distributors to join the system. As a result, gross GST collections have soared from Rs 7.18 lakh crore in 2018 to Rs 22.08 lakh crore now. This boost helps both citizens and state governments with better revenue.
Addressing critics, Sitharaman said, "Some say I only know how to trouble people, but we’re building a stronger nation." She reminded everyone that state ministers have been key players in the GST Council from day one, making these decisions together for the greater good.
With these GST reforms, India is moving towards a smoother tax system that benefits everyone. Stay tuned for more updates on how GST is shaping the economy!
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