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GST reform to boost GDP by Rs 20 lakh crore: Ashwini Vaishnaw
['The Hans India']
Andhra Pradesh Breaking News, Telangana News, Hyderabad News Updates, National News, Breaking News
New Delhi: Union Electronics and IT Minister Ashwini Vaishnaw on Monday said that the simplification of the Goods and Services Tax (GST) framework will make doing business in India easier and boost overall demand, adding nearly Rs 20 lakh crore to the country’s GDP.
Previously subject to 5, 12, or 18 per cent GST, several items are now tax-free.
Union Finance Minister Nirmala Sitharaman has said that the reform will inject an additional Rs 2 lakh crore into the economy by enhancing consumers’ disposable income.
Under the new structure, GST slabs have been reduced from four — 5, 12, 18 and 28 per cent — to two: 5 per cent and 18 per cent.
Union Minister Ramdas Athawale also lauded the reforms and said they would take India's economy to greater heights.
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