GST 2.0 to bring Rs2 lakh cr cash flow: FinMin
Says this will be a game-changer aimed at boosting economy, benefiting common man the most
Union Finance Minister Nirmala Sitharaman explaining a point at program on GST reforms in Visakhapatnam on Wednesday. She is flanked by AP Health Minister Satya Kumar Yadav and Finance Minister Payyavula Keshav
Declaring that the rolling out of GST 2.0 to benefit all sections of people, Union Finance Minister Nirmala Sitharaman on Wednesday said the revolutionary decision will help inject Rs2 lakh crore into the economy.
Speaking at the 'GST Outreach & Integration Programme on NextGen GST reforms,' she said unlike other taxes, GST Council's decision to reduce the slab rates to two will benefit 140 crore people representing all sections. This will be a game-changer aimed at boosting the economy and benefiting the common man the most.
She said people will be benefited with more cash savings as the reforms are set to come into effect from September 22. She said whether one buys curd or milk, everyone will gain because of the bold initiative by the NDA Government led by Prime Minister Narendra Modi.
She said 99 per cent of goods under the 12 per cent GST slab will shift to 5 per cent slab thereby bringing 90 per cent items including cement from 28 to 18 per cent category, adding several companies including some FMCG enterprises have started passing on the benefit to the consumers.
