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The government on Saturday said that the benefits of the recent GST rate reductions, effective from September 22, have been successfully extended to consumers during the ongoing festive season, giving a significant push to consumption - one of the key drivers of India's economic growth. Addressing
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The recent GST rate reductions came into effect from September 22nd.
The GST cuts have successfully extended benefits to consumers during the festive season, giving a significant push to consumption, which is a key driver of India's economic growth.
Yes, Finance Minister Nirmala Sitharaman stated that these reductions will continue to support demand even after the festivities end, creating fiscal room for growth.
The National Consumer Helpline (NCH) received 3,981 calls related to GST issues as of October 2nd, with 31% being queries and 69% being formal grievances, all of which have been addressed.
The automobile sector has responded positively, with several manufacturers confirming higher sales due to GST cuts. E-commerce platforms have also complied and offered additional discounts.
IT and Railways Minister Ashwini Vaishnaw stated that GST reforms are expected to lead to a 10% rise in overall consumption this year, translating into an additional ₹20 lakh crore of spending in the economy.
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