Pass on GST Benefit to End Consumers, Goyal Tells Industry
Terming the GST reforms as ‘game-changing’, the minister also said that the move would play an important role in the months and years to come in the journey of becoming a developed country by 2047.
New Delhi: Union commerce and industry minister Piyush Goyal on Thursday said that the industry must pass on to consumers the full benefits of the GST rate reductions, the biggest ever reform since India's independence. “Industry must encourage the sale of products made in India in a big way as every stakeholder in the country or every consumer stands to benefit from the GST rate cut,” he said in an event here.
The minister also said the GST reforms would boost demand in almost all sectors, supporting the economic growth of the country. “The country in the next two years would become the third largest economy. India will grow from a $4 trillion economy to a $30 trillion economy by 2047,” he said while addressing a joint event of the 2nd edition of India MedTech Expo 2025 and IPHEX 2025 here.
“Yesterday’s reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly impacting the pharma sector, significantly impacting so many sectors, right from the farmer to our MSMEs,” the minister said.
Terming the GST reforms as ‘game-changing’, the minister also said that the move would play an important role in the months and years to come in the journey of becoming a developed country by 2047. “What we thought could be big has turned out to be the biggest ever reform that India has seen since independence. Besides many dimensions, consumers will benefit in a very big way with the reduction in taxes across the board, on almost all items of our day-to-day needs,” Goyal said.
Besides the reduction in GST rates, the minister also said the changes made in the process and procedure will contribute to the ease of doing business. “These lower rates will support the growth of demand and industry. The scale of operation in the country will grow by leaps and bounds. Greater demand will lead to greater investment, greater jobs, and the virtuous cycle of growth will get a leg up and a big boost,” he said