As per the Union Finance Minister Nirmala Sitharaman, she will monitor the execution of the GST rate reduction and ensure that the common man will benefit. The significance of public participation has been outlined by the Finance Minister. She asked the citizens to report those businesses that will not lessen the costs even after the lower GST rates.
“I have had many people tell me from different parts of the country that it’s a welcome move, and in turn, I’ve told them if it is not getting passed on, you must communicate with me, and I shall be on the ground,” Sitharaman expressed.
Also, she cited that various industry players have said to pass on the benefits, specifying robust industry support for the GST reforms. As per the minister, GST is a part of the everyday life of the citizens, from household purchases to essential services.
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Considering that the government may encounter an annual revenue loss of Rs 48000 crore because of the reduction in rates, Sitharaman expressed confidence that higher festive season demand and stringent economic buoyancy would assist in offsetting the shortfall.
“…better (demand) buoyancy will help us somewhat… be able to offset this (revenue loss),” she cited.
She responded to the Opposition by stating that, while they indirectly acknowledged the success of the reforms, they did not have the grace to admit it openly. Regarding West Bengal Chief Minister Mamata Banerjee’s suggestion about GST on insurance, Sitharaman emphasised that GST reforms are a collective effort involving all states and the Centre.
The Minister stated that the move specifies a step in easing the indirect tax structure of India. Consumers, with the decision of the GST council to shift towards a two-tier tax framework, will get an advantage from reduced costs on household essentials, insurance, and other common-use items.
