Quick Summary
Union Finance Minister Nirmala Sitharaman has clarified that the recent rationalisation of GST slabs, reducing them to two and exempting essential items like premiums for health and life insurance was 18 months in the making and not a knee-jerk reaction to US tariff hikes. Speaking at an event on T
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FAQ :
The rationalisation of GST slabs was discussed and planned for 18 months, well before the last Union Budget.
No, the Finance Minister explicitly stated that the GST framework overhaul was not a knee-jerk reaction to US tariff hikes.
Yes, the Finance Minister highlighted that consensus was built with state governments, and they were on board with the rate rationalisation.
No compensation has been paid out since 2022. Funds collected under the GST Compensation Cess mechanism are now used to repay loans.
The overhaul aims to simplify the GST system, address criticisms of complexity and high compliance burden, and keep affordability in focus.
Essential items such as premiums for health and life insurance have been exempted.
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