Union Minister for Finance Nirmala Sitharaman has said that the GST 2.0 was introduced before festive seasons like Deepavali, Durga Puja, Navratri and will benefit every Indian. Delivering her remarks at a joint conclave of the Trade and Industries Association at Chennai today, she said that almost for a majority of 99 percent of goods, GST has been reduced from 12 to 5 percent.
The Minister also informed that 28 percent GST has been reduced to 18 percent. The Finance Minister said that eight years ago, when the tax was introduced, a total of 65 lakh companies had paid GST. Today, it has increased to one and a half crore. The Minister said that the simplification has been welcomed by every institution involved.
Ms. Sitaraman said that the tax system had led to one nation and one tax. The finance minister said that the Gross Receipts, which stood at 7.18 lakh crore rupees increased to 22 lakh Crore rupees. The Finance Minister said that Prime Minister Narendra Modi had encouraged the finance ministry to come up with a special package on GST, and the next-gen GST was introduced after much consultation with different stakeholders, group of Ministers, before being placed before the Council.
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