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2d ago

Sitharaman Says GST 2.0 Will Put Rs 2 Lakh Crore in Consumers' Hands

The finance minister frames the two-slab reform as a direct tax burden cut for households.

GST cuts on vehicles | Image: Republic
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Union Finance Minister Nirmala Sitharaman

Overview

  • Speaking at an outreach event in Visakhapatnam, Nirmala Sitharaman said the GST rejig would leave households with about Rs 2 lakh crore more cash.
  • She said 99% of goods previously taxed at 12% have been shifted into the 5% bracket.
  • She added that roughly 90% of items from the 28% slab have moved into the 18% rate.
  • She described the new structure as a two-rate regime of 5% and 18% under the Next Gen GST reforms.
  • She cited GST performance since 2018, noting revenues climbed from Rs 7.19 lakh crore to Rs 22.08 lakh crore and the taxpayer base rose to 1.51 crore from 65 lakh.