Goyal Urges Traders to Pass on GST Rate Cuts
This would increase the demand of domestic products and strengthen the foundation of India's economy, he said
New Delhi: 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 strengthening the foundation of India's economy. The minister also stated the importance of equitable economic benefits, highlighting that advantages of GST rate cuts must be fully passed on to consumers, ensuring that growth reaches every citizen and strengthens the foundation of India’s economy.
Goyal also said that no power in the world would be able to stop India's emergence as a global superpower. 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,” the commerce and industry minister said at an EEPC India event here.
The minister said that when India works together as a united family, supporting each other across sectors, inclusive growth would naturally follow. He expressed confidence that the country can become a global role model for sustainable and inclusive development. “India’s economy, which currently has a size of about $4 trillion, will become the third largest globally in the next 2-2.5 years and by 2047, it will become an economy of at least $30 trillion,” he said.
Goyal also said that he has full confidence that India, with the motto of ‘zero defect, zero effect’, will grow bigger. He underlined the need to ensure that good quality products are made in India and sold across the world. “The world today considers India a trusted partner, and it is important to maintain that status,” he added.
