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The Central Government has confirmed that the benefits of recent GST rate cuts are now being passed on to consumers across the country. Finance Minister Nirmala Sitharaman stated that the government is closely monitoring the prices of 54 essential commodities to ensure that the tax reductions are ef
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Yes, the government has confirmed that the benefits of recent GST rate cuts are being passed on to consumers across the country.
The government is closely monitoring the prices of 54 commonly used items, including shampoo, toothpaste, washing powder, cooking oil, and electronic appliances.
Yes, government data shows that nearly 30 of the 54 tracked items have seen price drops greater than expected from the GST cuts, with items like shampoo and detergents showing noticeable reductions.
The government's Central Board of Indirect Taxes and Customs (CBIC) is directing field offices to track prices monthly and reviewing this data to ensure tax reductions are reflected in retail markets and not absorbed by businesses.
The Finance Ministry believes the price reductions are boosting consumption in both urban and rural areas, which is expected to contribute to higher GDP growth in the coming quarters.
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