Full benefits of GST rate cuts must be passed on to consumers: Piyush Goyal
New Delhi, Sep 8: Union Minister Piyush Goyal on Monday asked the industry to pass on the full benefit of GST rate cuts to consumers, thereby increasing the demand of domestic products and strengthen the foundation of India’s economy.
“The GST rate cuts, along with simplification, will boost domestic demand, small and large enterprises will get access to more opportunities, new avenues for employment will be generated, earnings will rise, which will lead to higher spending,” Goyal said, adding that this will create a virtuous cycle of growth to take the country ahead.
No power in the world will be able to stop India’s emergence as a global superpower, the commerce and industry minister said at an EEPC India event here.
Goyal stated the importance of equitable economic benefits, and highlighted that advantages of goods and services (GST) rate cuts must be fully passed on to consumers, ensuring that growth reaches every citizen and strengthens the foundation of India’s economy.
The minister said when India works together as a united family, supporting each other across sectors, inclusive growth will naturally follow. He expressed confidence that the country can become a global role model for sustainable and inclusive development.
The minister expressed confidence that India’s economy, which currently has a size of about USD 4 trillion, will become the third largest globally in the next 2-2.5 years and by 2047, it will become an economy of at least USD 30 trillion.
The minister said with GST rate cuts and simplification, Prime Minister Narendra Modi has given a boost to domestic demand. He noted that new opportunities for employees and increases in income will follow. He further said when infrastructure spending and consumer demand grow on strong base of the economic system, no power in the world can stop India from becoming a world power.
