On Friday, Union Finance Minister Nirmala Sitharaman said the upcoming GST reforms, to take effect from September 22, are expected to put a total of Rs 2 lakh crore directly in the hands of the people, providing a significant boost to domestic consumption.
Speaking at the 80th anniversary of the Tamil Nadu Foodgrains Merchants Association, Sitharaman emphasized that the simplification of the GST from four slabs to just two will benefit a wide section of society.
The finance minister noted that Prime Minister Narendra Modi is focused on ensuring that the reforms benefit the poor, middle-class families, and micro, small, and medium enterprises (MSMEs).
Sitharaman highlighted that the GST changes aim to make compliance easier and improve efficiency, while also increasing disposable income for households and liquidity for businesses.
She added that these measures would not only help businesses but also strengthen domestic consumption, supporting economic growth across sectors.
