Piyush Goyal: Benefits of GST rate cuts must be passed on to consumers

UNION Minister Piyush Goyal on Monday asked the industry to pass on the full benefit of GST rate cuts to consumers, thereby increasing the demand of domestic products and strengthen the foundation of India's economy.

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"The GST rate cuts, along with simplification, will boost domestic demand, small and large enterprises will get access to more opportunities, new avenues for employment will be generated, earnings will rise, which will lead to higher spending," Goyal said, adding that this will create a virtuous cycle of growth to take the country ahead.