New Delhi, October 18 (IANS). The Center said on Saturday that consumers have also benefited from the recent cut in GST rates implemented from September 22 during the festive season. Addressing the media, Union Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Railways, Electronics and IT Minister Ashwini Vaishnav said that the recent GST reforms have seen a positive trend in consumption. Finance Minister Sitharaman said: “Tax cuts are not just for the festive season. These cuts mean more collections, so better fiscal room to give something back. There will be demand even after the festive season.” He said that the GST dispute resolution mechanism has worked very well. Since the implementation of GST reforms, the National Consumer Helpline has recorded 3,981 calls on GST-related issues till 2 October. Of these, 31 percent were inquiries and 69 percent were formal complaints, which were resolved for further action. Of the total complaints, 1,992 complaints were sent to the Central Board of Indirect Taxes and Customs (CBIC) for further action, while 761 complaints were sent directly to the respective convergence partner companies for immediate resolution. According to Finance Minister Sitharaman, most of the complaints are related to the gap between the understanding of the GST reduction and the schemes actually implemented. On GST cuts and their benefits, the Finance Minister said that medicines and related devices are being monitored to ensure that the benefits of GST cuts reach consumers. The auto sector is excited about the benefits of GST cut being passed on to consumers, which has led to an increase in their sales. Union Minister Goyal said that almost all e-commerce businesses have given the benefit of GST reduction. “According to our monitoring, they have made maximum offers on Navratri,” he said. The Union Commerce Minister said, “Indirect taxes have a direct impact on 140 crore Indians and now a benefit of Rs 2.5 lakh crore has been given through the GST cut. The multiplier effect caused by the tax cut has already boosted the economy.” Union minister Vaishnav said that during the GST reforms, many assumptions were made about the increase in consumption and demand in the country. He further said, “Due to GST reforms, consumption is expected to increase by more than 10 percent this year, which means additional consumption of around Rs 20 lakh crore is likely to take place.” –IANS SKT/
Consumption expected to increase by more than 10 per cent this year due to GST reforms: Centre
