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GST Rate Cut: Minister Goyal said that GST reform will promote demand in almost all areas and support the country’s economic growth.
GST Rate Cut: Union Commerce and Industry Minister Piyush Goyal said on Thursday that the reduction in GST rates is the biggest improvement after independence. He urged the industry to get its full benefit to consumers. Minister Goyal said that GST reforms will promote demand in almost all areas and support the country’s economic growth. He also urged the industry to promote “Made in India” on a large scale. Addressing a program here, the minister said that every consumer will benefit from the cut in GST. He said that after several initiatives taken in the last 11 years, the improvement in indirect taxes in GST is of transformational nature, which is having a significant impact on the pharma sector. Apart from this, it is having significant impact on many areas from farmer to our MSME. Goyal said that every stakeholder of the country, every consumer will get its benefit.
GST reform will create jobs
Describing GST reforms as ideal, the minister said that this step will play an important role in the journey to become a developed country by 2047 in the coming months and years. Goyal urged the industry to reach all these benefits of GST to consumers. Speaking on the sidelines of the program, Goyal credited transformative and unprecedented improvements in the Goods and Services Tax to the Prime Minister. He said that Prime Minister Narendra Modi always fulfills his promises. He said that what we thought that could grow up, has proved to be the biggest improvement in India since independence. Apart from many dimensions, consumers will benefit greatly due to lack of taxes on almost all items of our daily needs. Apart from the reduction in GST rates, the minister said that the changes made in the process and functioning will contribute to the ease of doing business. He said that these low rates will support demand and development of the industry. The scale of operations in the country will increase manifold. More demand will create more investment, more jobs and development will be strengthened.
Citizens’ lives will be easy
Goyal said that this Diwali gift will contribute to make life easier for 1.4 billion citizens and improve the quality of life. Asked about the opposition’s criticism that this improvement should have been brought 8 years ago, the senior BJP leader accused the Congress party of spreading negativity at a time when India is the fastest growing economy in the world. The minister said that the opposition is in its current state due to this negativity. Industry Minister Goyal said that it is a matter of happiness to have the fastest growing big economy in the world with an increase of 7.8 percent in the first quarter. He further said that Rahul Gandhi calls India a dead economy despite being the fastest growing economy in the world. This is the negative thinking of some special people and I condemn such negativity. The minister participated in the India Medtech Expo and India Neutraver Expo.
