Pass on GST benefits to consumers: Goyal
Says the country in the next two years would become the third largest economy
image for illustrative purpose
New Delhi: The industry must pass on to consumers the full benefits of the GST rate reductions, the “biggest ever reform” since India’s independence, Union Minister Piyush Goyal said on Thursday.
Union Commerce and Industry minister said the GST reforms would boost demand in almost all sectors, supporting the economic growth of the country.
He urged the industry to encourage the sale of products made in India in a big way.
The minister addressed a joint event of the 2nd edition of India MedTech Expo 2025 and IPHEX 2025, which is the 11th international exhibition on pharma and healthcare. He also spoke at Bharat Nutraverse Expo 2025.
Talking about India’s growth story, Goyal said the country in the next two years would become the third largest economy. India will grow from a $4 trillion economy to a $30 trillion economy by 2047.
“Yesterday’s reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly impacting the pharma sector, significantly impacting so many sectors, right from the farmer until our MSMEs,” he said.
Every stakeholder in the country, every consumer, stands to benefit,” Goyal added. Terming the GST reforms as “game-changing”, the minister said the move would play an important role in the months and years to come in the journey of becoming a developed country by 2047.
Goyal asked the industry to “pass on all these benefits of GST to the consumers.”
Speaking on the sidelines, Goyal gave credit to the Prime Minister for the transformative and path-breaking reform in the goods and services tax (GST).
Prime Minister Narendra Modi always fulfils promises, he added.
“What we thought could be big has turned out to be the biggest ever reform that India has seen since independence. Besides many dimensions, consumers will benefit in a very big way with the reduction in taxes across the board, on almost all items of our day-to-day needs,” Goyal said.
Besides the reduction in GST rates, the minister said the changes made in the process and procedure will contribute to the ease of doing business.
