Goyal: GST changes to boost economy, a ‘gift to nation’

Union commerce minister Piyush Goyal on Friday hailed the recent Goods and Services Tax (GST) rate cuts, describing the changes as a “gift to nation” even as he maintained that the Centre has received assurance from the industry that the benefits of the reforms will be passed on to the consumers.

- Snehashish Roy

Speaking at a press conference in the Capital, the minister drew a sharp contrast with the Congress-led United Progressive Alliance (UPA) government, claiming that states had lacked trust in the the Union government over compensation assurances tied to the rollout of a unified indirect tax.

“When Prime Minister Narendra Modi announced the GST in 2017, he committed to all states a 14% growth in the annual revenue. PM Modi had the confidence of all states and that’s how the one indirect tax was announced,” Goyal said. He asserted that the Modi government had honoured this promise, paying compensation to states with a 14% growth rate even during the Covid-19 pandemic when demand was severely hit.