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Union Finance Minister Nirmala Sitharaman on Sunday said the GST regime has emerged as a "win-win" for both citizens and States, with the latest round of reforms delivering tangible benefits for households, industry and governments alike. Speaking at a joint conclave of trade and industry associati
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FAQ :
The GST reforms are expected to directly reduce expenses for households by cutting rates on many goods, particularly those used daily, leaving more disposable income for consumers.
Ninety-nine percent of goods that were previously taxed at 12% GST have now been moved to the 5% bracket.
The number of GST taxpayers has more than doubled from 65 lakh in 2017 to 1.51 crore in 2025, and gross GST receipts have increased from Rs 7.19 lakh crore to Rs 22 lakh crore.
Key features include rate cuts on over 350 items (including food), simplified registration within three days, resolution of classification disputes, and streamlined refund procedures.
The reforms considered the impact on daily use items for households, benefits for farmers, lowering raw material costs for MSMEs, boosting key economic sectors, and reducing compliance complexity.
Yes, some industry leaders noted concerns such as the GST hike on paper and paperboard, and sought rationalisation of GST on coastal shipping and inland water transport. There were also calls for a settlement scheme for pending GST dues.
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