Chennai: Union Finance Minister Nirmala Sitharaman on Sunday said that the GST reforms are a huge victory for each and every citizen of the country.
Taking into account that every state in India has its own festivals, it has been decided to implement the GST reforms much ahead of Prime Minister Narendra Modi’s instruction of launching them before Deepavali festival, Sitharaman said at an event in Chennai.
In her address at the joint conclave of the trade and industries association on “Tax Reforms for Rising Bharat’ organised by Chennai Citizens Forum, she said the beneficial impact of Goods and Services Tax would be there for all products from the start of the day till people go to bed.
Highlighting the impact of the reforms, she noted that GST benefits now touch every aspect of daily life, “from the moment people wake up to when they go to bed.”
A major move includes slashing GST on 99% of goods previously taxed at 12% to just 5%. The new GST reforms will come into effect on September 22.
