GST on 99% Goods Reduced to 5% Slab: FM

Sitharaman concluded her address, asserting that GST reforms would play a crucial role in realising Prime Minister Modi's vision for India in 2047.

- AGENCIES

As high as 99% of all the goods which were earlier in the 12 per cent GST bracket have now been brought down to the 5 per cent GST bracket, Finance Minister Nirmala Sitharaman said Sunday. She made the remarks while addressing a joint conclave of the Trade and Industries Association, titled 'Tax Reforms for Rising Bharat' in Chennai, Tamil Nadu.

The sweeping GST rationalisation and reforms unveiled after the GST Council meeting on September 3, once implemented, are expected to bring about a massive change across the country, directly impacting India's 1.4 billion citizens.

The tax cut decision was unanimously approved in the GST Council meeting with the consent of all states. On September 22, the first day of Navratri, all changes in GST rates will come into effect, much before Diwali, which was indicated by the prime minister from the ramparts of the Red Fort on Independence Day this year.

Speaking at the Chennai event today, the Finance Minister emphasised the benefits of the latest GST reforms.