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Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman; Union Minister for Commerce and Industry Shri Piyush Goyal; and Union Minister for Minister for Railways, Information Broadcasting, Electronics Information Technology Shri Ashwini Vaishnaw hold joint press conference on GST
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The Next-Gen GST Reforms involve reducing tax rates, simplifying the process by bringing down the number of slabs from four to two, and resolving classification issues. These changes were implemented before Diwali, starting from the first day of Navratri.
The government is closely monitoring 54 select products to ensure that the benefits of the revised GST rates are reaching end consumers. Initial reports indicate that the full benefits have been passed on across these items, making essential goods more affordable.
Sectors like automotive and electronics have witnessed record sales during the Navratri season. The reforms have also contributed to double-digit growth in India's electronics manufacturing sector and created over 25 lakh jobs.
The reforms are credited with strengthening the Indian economy, boosting consumer spending and investment, and making India the fastest-growing large economy. They have also helped moderate food inflation, increasing household purchasing power.
Yes, production has commenced at two semiconductor manufacturing facilities, CG Semi and Kaynes, marking a significant step towards India's semiconductor self-reliance.
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