JKB Financial Services Ltd.

As on : 17-Sep-2025

Economy - Reports
17-Sep-2025 17:05

GST reforms to enhance purchasing power and contribute to the savings of the common man across the country: Finance Minister

Union Finance Minister Nirmala Sitharaman has said that the new GST reforms will save the public around rupees two lakh crore by reducing taxes. Addressing the Outreach Programme on Next-Gen GST Reforms held in Visakhapatnam, the Union Minister detailed how the new two-slab tax system of 5% and 18% reduces the burden on people over their daily essentials and aspirational goods, benefiting the poor and middle class to a great extent. She further highlighted that the reforms will boost farmers' incomes, as well, by lowering taxes on agricultural-related goods, promoting farm modernisation.

The Union Minister said, MSME and job-creating sectors will also benefit through reduced costs, providing enhanced opportunities. Sitharaman added that the GST reforms will enhance the purchasing power and contribute to the savings of the common man across the country. Emphasising the changes brought in, she said, it reinforces Prime Minister Narendra Modi's vision and dream of achieving Viksit Bharat and Atma Nirbhar Bharat. Effective from September 22, 2025, the GST reforms simplify the tax structure and support economic growth. The Finance Minister expressed confidence that the historic tax overhaul will empower every citizen and strengthen India's economy.

GET IN TOUCH