Finance Minister Nirmala Sitharaman Pledges Personal Oversight on Ensuring GST Advantages Reach Public

Union Finance Minister Nirmala Sitharaman has announced significant GST rate cuts across multiple sectors, describing the reforms as massive and complex. The changes, approved by the GST Council, aim to reduce the tax burden on citizens and stimulate economic growth.

In a press conference, Sitharaman highlighted the benefits of these reforms, stating, "The GST reforms affect the lives of every Indian citizen, as almost everything purchased in the market carries a tax implication." She also encouraged citizens to report if someone fails to reduce the prices of goods on whose taxes were reduced.

Sitharaman thanked all ministers of finance for their contributions to GST reforms, irrespective of party affiliation. She also addressed questions about the implementation of GST rate cuts before certain festivals, stating, "South India also celebrates Navratri, and the timing of the rate cuts is based on comprehensive economic analysis."

The Finance Minister also addressed criticism from opposition leaders, such as former Prime Minister Manmohan Singh, who questioned why previous governments did not act on GST when they were in power. Sitharaman responded, "The opposition party Bharatiya Janata Party (BJP) supported implementing the GST in the past and promoted the topic as something they would address during their government tenure."

Sitharaman acknowledged the potential revenue loss due to the simplified GST rates, with static data models estimating an annual loss of Rs 48,000 crore. However, she expressed confidence that buoyant demand during festivals will partly offset this loss.

The Finance Minister also addressed concerns about the impact of 50 per cent US tariffs on India, stating, "India's priority is India, but I acknowledge the short-term impacts of these tariffs. Rest assured, our government will support exporters during this challenging time."

Sitharaman also addressed questions about her approach to international politics, stating, "I don't worry daily about Trump's statements. I place my trust and faith in PM Modi's ability to handle matters and ensure that India is not adversely impacted by decisions."

Several industry players have pledged to pass on the benefits of GST rate cuts to consumers. Sitharaman has promised to personally monitor the passing on of these benefits to ensure fairness and transparency.

In conclusion, the GST rate cuts are a significant step towards reducing the tax burden on citizens and stimulating economic growth. The Finance Minister has expressed confidence in the reforms and her government's ability to navigate the challenges ahead.

Finance Minister Nirmala Sitharaman Pledges Personal Oversight on Ensuring GST Advantages Reach Public