Union Finance Minister Nirmala Sitharaman on Saturday said she will personally monitor the implementation of recent GST rate cuts, ensuring that the benefits reach the common man. The Finance Minister stressed the importance of public participation and urged citizens to report businesses that fail to reduce prices despite lower GST rates.
"I have had many people tell me from different parts of the country that it's a welcome move, and in turn, I've told them if it is not getting passed on, you must communicate with me, and I shall be on the ground," Sitharaman said.
The minister added that several industry players have already committed to passing on the benefits, highlighting strong industry support for the GST reforms. She emphasized that GST touches every citizen's life daily, from household purchases to essential services.
Acknowledging that the government may face an annual revenue loss of Rs 48,000 crore due to the rate cuts, Sitharaman expressed confidence that higher festive season demand and stronger economic buoyancy would help offset the shortfall.
"…better (demand) buoyancy will help us somewhat… be able to offset this (revenue loss)," she noted.
She also hit back at the Opposition, stating that while they indirectly conceded the success of the reforms, they lacked the grace to admit it openly. On West Bengal Chief Minister Mamata Banerjee's suggestion regarding GST on insurance, Sitharaman emphasized that GST reforms are a collective effort by all states and the Centre.
The Finance Minister reiterated that the recent move marks a major step in simplifying India's indirect tax structure. With the GST Council's decision to shift towards a two-tier tax framework, consumers are set to benefit from reduced costs on household essentials, insurance and other common-use items.
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