“The tale of consuming will go on. Sitharaman said, “We have fixed the majority of the inverted duty structure.
Speaking on Saturday, Finance Minister Nirmala Sitharaman said that the “impact of GST reduction would endure beyond Christmas season” in reference to the effects of the GST 2.0 changes.
“The pent-up demand was just for a month since people were waiting after they received the hint in August there would be GST reduction,” Sitharaman said at a news conference. Therefore, we should not confuse it with spending vengeance. Will it last? The effects of the GST reductions will last beyond the holidays.
“The tale of consuming will go on. Sitharaman said, “We have fixed the majority of the inverted duty structure.
She also said that end users are benefiting from the GST decrease and that certain products have witnessed price reductions that were more than anticipated. She also said that in order to make sure the general public benefits from the updated tax system, the government is keeping a careful eye on the costs of 54 different items.
Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and Information & Broadcasting Minister Ashwini Vaishnaw addressed at a news conference for the GST Bachat Utsav on October 18, the auspicious day of Dhanteras. “There has been greater tax reduction than anticipated, and consumers have received both anticipated and additional advantages,” she said.
The finance minister said that in some instances, companies passed on larger than anticipated reductions in the GST rate to customers.
The first day of Navratri, September 22, marked the start of the GST 2.0 amendments.
The Finance Minister said that the government has thoroughly examined 54 important commodities and discovered that the tax advantage has been passed on to consumers in each of them. “I believe the people of India have accepted it well,” he added. It was released on the first day of Navratri.