Nearly Rs 2 lakh cr will be in people’s hand due to GST reforms: FM Sitharaman
Madurai (Tamil Nadu), Sep 20 (PTI) Union Finance Minister Nirmala Sitharaman has said with the slew of GST reforms set to come into effect from September 22, a total of Rs 2 lakh crore will be in the hands of the people, boosting domestic consumption.
With the simplification of the Goods and Services Tax from the earlier four slabs to 2 slabs, Sitharaman said Prime Minister Narendra Modi is keen to ensure that the poor and downtrodden, middle class families and the micro, small and medium enterprises (MSMEs) largely benefit out of the GST reforms.
The finance minister was speaking at the 80th anniversary of the Tamil Nadu Foodgrains Merchants Association here on Friday.
The new set of GST reforms with a revised tax structure is set to come into force from September 22.
“With the proposed GST reforms, there will be an increase in consumption in the domestic market. The Finance Ministry does not receive the Rs 2 lakh crore as taxes from the public, but it goes back into the economy aiding domestic consumption,” she said.
