gst: GST has done justice to consumers by bringing rates down, says FM Nirmala Sitharaman – The Economic Times Video

2023-07-02 02:15:49

Union Finance Minister Nirmala Sitharaman addressed the gathering at the GST Day event that was celebrated on the 6th anniversary of the GST regime. At the event, FM Nirmala Sitharaman asserted that GST has brought in greater tax buoyancy, as a result of which tax collection has grown more than GSDP. “GST has done justice to the consumers by bringing the rates down compared to the previous regime. Before GST was introduced, India’s indirect tax system was fragmented, where every state was effectively a distinct market for the industry as well as the consumer. GST has brought in greater tax buoyancy, as a result of which, more than your GSDP growth, your tax collection is growing. Therefore, both Centre and states are getting benefits… We have to dispel this myth that states are losing out after having joined hands for GST…No state suffers after GST today, and that is despite Covid…,” said Union Finance Minister Nirmala Sitharaman.

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