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gst: GST has done consumers justice by lowering tariffs, says FM Nirmala Sitharaman – The Economic Times Video – Mintpaisa

Union Finance Minister Nirmala Sitharaman addressed the assembly at the GST Day event which was celebrated on the occasion of the 6th anniversary of the GST scheme. During the event, FM Nirmala Sitharaman claimed that the GST brought greater fiscal buoyancy, as a result of which tax collection increased more than the GSDP. “The GST has done justice to consumers by lowering rates from the previous regime. Prior to the introduction of the GST, India’s indirect tax system was fragmented, where each state was effectively a separate market for the industry as well as for the consumer. GST has resulted in greater tax buoyancy, as a result of which, more than your GSDP grows, your tax collection increases. Therefore, Center and States get benefits … We need to dispel this myth that states lose out after joining hands for TPS…No state suffers after TPS today, and that’s despite Covid…,” the Minister said of Finance of the Union, Nirmala Sitharaman.


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