September 7, 2025

NEW DELHI: Commerce and Industry Minister Piyush Goyal fired up the crowd on Friday by saying the government’s GST rate cuts will bring a big boom to the market. "With such a big reduction in the tax rate, imagine how much the market will increase and due to that increase, the tax will also increase," he said confidently. The finance ministry estimates these GST rate changes will affect the fiscal budget by about Rs 48,000 crore for the 2023-24 year — but don’t worry! The minister believes more buying and selling will make up for this loss. Goyal slammed the Congress party and declared Modi government's GST reforms will power India’s growth. He also addressed recent global trade news about US tariffs. "This decision has no link whatsoever with the decision of any country. Such a big change cannot happen overnight," Goyal explained, pointing out the US tariff decision came only last month, while India has planned GST reforms for months. In a strong message to states, the minister urged: "Collect taxes honestly to safeguard revenues." He shared that some items remain at 5% GST instead of zero to protect input tax credits and avoid problems in the supply chain. Also, the finance ministry will soon issue guidelines about products already in the market before the GST rate change deadline of September 22, so no one gets confused. Goyal called this GST rationalisation historic and wide-reaching. He said almost every product used by everyone will become cheaper! This is a big win for consumers and all sectors of industry. "It is the first time since independence that such a sweeping reform in indirect taxation has taken place," he said proudly. "Big relief was given to consumers, simplification was done for the ease of doing business and a new hope for youth, farmers, women, and every consumer." So get ready, India! These GST changes could make your shopping lighter on your pocket and the market brighter than ever!

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Tags: Gst rate rationalisation, Piyush goyal, Tax reforms, Indian economy, Finance ministry, Consumer benefits,