Finance Minister Nirmala Sitharaman addressed an audience in Chennai regarding the widespread influence of Goods and Services Tax reforms. She described how citizens experience GST benefits throughout their entire day from breakfast through evening meals. The minister emphasized that tax system participation has expanded dramatically since implementation. Business registrations jumped from 66 lakh entities to 1.5 crore participants under current policies. This growth demonstrates increased compliance through simplified administrative procedures.
Recent adjustments moved 99 percent of products from the 12 percent tax bracket into the 5 percent category. These changes reduce manufacturing costs for producers while creating savings for consumers. Government revenue from GST collections rose from Rs 7.18 lakh crore to Rs 22.08 lakh crore since 2018. Sitharaman defended the collaborative decision-making process through the GST Council. She acknowledged criticism while maintaining that reforms serve national interests and benefit state governments.
Recent adjustments moved 99 percent of products from the 12 percent tax bracket into the 5 percent category. These changes reduce manufacturing costs for producers while creating savings for consumers. Government revenue from GST collections rose from Rs 7.18 lakh crore to Rs 22.08 lakh crore since 2018. Sitharaman defended the collaborative decision-making process through the GST Council. She acknowledged criticism while maintaining that reforms serve national interests and benefit state governments.
