GST reforms to inject Rs 2 lakh cr into economy, boost demand across sectors
Kolkata: Union Finance Minister Nirmala Sitharaman on Thursday said the latest round of Goods and Services Tax (GST) reforms will pump around Rs 2 lakh crore into the economy, boosting demand across sectors.
Sitharaman said the "new generation GST reforms" were designed to cut rates, ease compliance, and eliminate ambiguities, benefiting the poor, middle class, farmers, MSMEs and several industries in West Bengal.
"The (GST) Council's decision to reduce rates was possible only because states came together in the spirit of cooperation. There is no donor-donee model in GST. If revenues fall, the Centre bears it equally, and after devolution, our share is even smaller," she said at an event here.
The reforms will directly benefit sectors like handicrafts, garments, tea, jute and agro-products in Bengal, aiding festive sales, the finance minister said.
Products such as 'Nakshi Kantha', Malda mangoes, Darjeeling tea, hosiery and jute bags would see lower taxes, she said.
