GST reforms infused Rs. 2,00,000 crore (US$ 22.77 billion) in Indian economy: Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman

Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, stated that Goods and Services Tax (GST) reforms have infused at least Rs. 2,00,000 crore (US$ 22.77 billion) into the economy, increasing liquidity for citizens. Speaking at the Outreach and Interaction Programme on Next Gen GST Reforms in Visakhapatnam, she said reducing GST rates will save people Rs. 2,00,000 crore (US$ 22.77 billion) and described the reforms as a significant step for the Indian economy. She highlighted that 99% of items in the 12% GST slab have moved to the 5% bracket, benefiting the middle class and helping reduce poverty, while 90% of items earlier under the 28% slab are now taxed at 18%.
She added that the benefits of the GST reforms would be 10 times greater than the incentives given to various industries. GST revenues have grown to Rs. 22,08,000 crore (US$ 251 billion) in 2025, with the number of taxpayers rising to 15.1 million from 6.5 million since GST was introduced. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.