Finance Minister Nirmala Sitharaman shared exciting news on GST reforms in Visakhapatnam today. She explained how the latest GST 2.0 changes will save consumers a whopping Rs 2 lakh crore in taxes. This means more money stays in the pockets of everyday Indians, perfect for savings or fun spending.
Speaking at the Outreach and Interaction Programme on Next Gen GST Reforms, Sitharaman said the GST Council’s smart moves aim to lighten the tax load on people and boost cash flow in the economy. Now, a huge 99% of goods fall under the low 5% GST slab – a big win for the middle class and low-income families.
The reforms simplify everything with just two main slabs: 5% and 18%. Gone are the confusing 12% and 28% rates, making taxes lower, clearer, and easier to understand. This GST structure overhaul promotes transparency and helps everyone navigate it without hassle.
Farmers get a boost too! Lower taxes on farm goods will raise their incomes and speed up modern farming practices. Small businesses and job-creating sectors, like MSMEs, will enjoy cut costs and better growth chances.
Sitharaman pointed out that these changes will increase buying power and savings for ordinary folks nationwide. Plus, GST collections have skyrocketed from Rs 7.19 lakh crore in 2018 to Rs 22.08 lakh crore by 2025. The number of taxpayers has more than doubled, jumping from 65 lakh to 1.51 crore entities.
She tied this to Prime Minister Narendra Modi’s vision for a developed India (Viksit Bharat) and self-reliant nation (Atmanirbhar Bharat). Kicking off from September 22, these GST reforms streamline the tax system and fuel economic growth. Sitharaman is confident this game-changing update will empower citizens and build a stronger economy for all.
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