GST overhaul a people’s reform, touches every family: Sitharaman

Finance Minister said she will personally monitor passing on of goods and services tax (GST) rate cuts in the form of price reduction but hastened to add that industry has shown positivity towards such cuts

- PRESS TRUST OF INDIA

Calling the landmark GST overhaul a ‘people’s reform’, Finance Minister Nirmala Sitharaman Saturday said that rationalisation of rates for a wide swath of products will benefit every family, boost consumption, and bolster the economy.

In an interview to PTI, the Finance Minister said she will personally monitor passing on of goods and services tax (GST) rate cuts in the form of price reduction but hastened to add that industry has shown positivity towards such cuts.

Within days of the decision, from car makers to public sector insurance companies and shoe and apparel brands have already announced significant price cuts and the rest are likely to follow suit by the time new GST rates are implemented, she said.