According to the government’s claim, the country’s economy can benefit from Rs 20 lakh crore from GST reform.
GST has been refined. Now there will be only two GST slabs for the common people in the country. The first slab will be 5 % and the second slab will also be 18 percent. By the way, an additional slab has also been kept 40 percent. In which sin products, luxury and premium items have been kept. By the way, the common people also came to know with the benefit that the government will lose revenue of about 48 thousand crores rupees. But so far no one had informed how much benefit or loss will be done to the country’s economy?
On Saturday, on behalf of Union Minister Ashwini Vaishnav, it was said that the country’s economy is going to benefit from GST reform. This figure can be around 20 lakh crores. At the same time, he also said that the connection of this reform is not with the tariff of Donald Trump at all. Let us also tell you what kind of information they have given.
Trump’s tariff is not related to reform
Union Minister Ashwini Vaishnav said that in the budget of 2025-26, with relief in income tax, rationalization of GST rates will take India’s economy to “a new level”. He insisted that improving indirect taxation is not related to American charges. Vaishnav said in a press conference at the BJP headquarters that the preparations for the GST reform started about one and a half years ago, long before the US elections. This was part of Prime Minister Modi’s clear goal of reform, performance and change. The new GST system will be a symbol of the beginning of a change journey for the country. On Donald Trump’s charges, Vaishnav said that he had nothing to do with it.
Economy will benefit 20 lakh crores
Now the biggest question is that after all, the country’s economy is expected to benefit from this GST reform. It is not hidden from anyone that the economy of the country depends on the consumption. Consumption holds more than 61 percent in the country’s economy. If the consumption increases with the GST reform, the economy of the country will benefit. Explaining the possible impact, the minister said that today our GDP is about 330 lakh crore rupees, out of which about 202 lakh crore rupees are consumed. If there is only 10 percent increase in consumption, then it will mean that there will be an additional contribution of Rs 20 lakh crore to GDP.