New Delhi, Oct 18 (UNI) Finance Minister Nirmala Sitharaman today said that GST rate reduction has resulted in an increase in purchases and the government is closely monitoring 54 items where the prices are reduced and tax benefit is reaching the consumer.
“ GST 2.0 reforms have given a major boost to the country’s economy, leading to record sales across key sectors such as electronics, automobiles and consumer goods during the festival season,” Sitharaman said while addressing a joint press conference with Information and Broadcasting Minister Ashwini Vaishnaw and Commerce and Industry Minister Piyush Goyal here.
“ Out of 54 daily use items we have been closely monitoring, we find that in every one of them, the tax benefit due to the GST Reforms has been passed to the end-consumer,” Sitharaman added.
Highlighting the impact of GST rate reforms, the Finance Minister informed that three-wheeler dispatches grew by 5.5pc YoY and two-wheeler sales by 21.60 lakh units.
Moreover, passenger vehicle dispatch has been 3.72 lakh in September alone.
On the other hand, LG India noted exponential growth in sales during the Navratri season, and sales of the Fast-Moving Consumer Goods (FMCGs) sector too have gone up.
Commerce Minister Piyush Goyal said, “Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have brought the blessings of Goddess Lakshmi into every home. Whether it’s the rich, the middle class, or farmers, 2025 is shaping up to be memorable for all. The major income tax relief announced on February 1 has already sparked a festive spirit across the nation.”
“This is one of the most transformative reforms since Independence, delivering a massive relief of Rs 2.5 lakh crore. Its multiplier effect is clearly visible in the surge in consumer spending, along with a rise in investment, business activity, industry, and infrastructure. It is this momentum that has propelled India to become the fastest-growing economy in the world.” Goyal added.
