'GST REFORMS SPARK FESTIVE SALES SURGE'

Union Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and Electronics & IT Minister Ashwini Vaishnaw on Saturday hailed the recent GST rate rationalisation as a major driver of economic momentum during this year’s festive season.

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The Union Ministers highlighted that the GST rate rationalisation reforms which came in impact on September 22 have led to increased consumer demand, price reductions, and a visible boost in key sectors such as automobiles, electronics, and FMCG, among others.

Goods and Services Tax (GST) is a comprehensive, multistage, destination-based tax levied on the supply of goods and services. It was introduced in India to simplify the tax structure by replacing multiple indirect taxes with a single, unified tax.

In a joint press conference today in the national capital, Union Finance Minister Sitharaman highlighted the tangible impact.

“It was launched on the first day of Navratri, I feel the people of India have received it well,” the Finance Minister said, adding that the government has closely monitored 54 essential items and found that in every one of them, the tax benefit has been passed to consumers.