Must ensure that GST benefits are passed to consumers, says Piyush Goyal

At EEPC India's Platinum Jubilee celebrations, the Commerce Minister said the next-gen GST reforms will strengthen industry, trade and drive engineering exports

Commerce and Industry Minister Piyush Goyal on Monday said it must be ensured that the Goods and Services Tax (GST) reduction reaches consumers, which in turn will strengthen the industry and trade.

 

Speaking at the Platinum Jubilee celebrations of EEPC India, Goyal called the GST rationalisation very extensive. "With simplification and rate cuts, the country's economy will move forward even more," he was quoted as saying by news agency ANI. 

"New job opportunities will increase. People will spend more. We must ensure that the benefits of GST rate cuts reach consumers,” he added.

  

Last week, Finance Minister Nirmala Sitharaman announced major GST reforms, cutting four slabs to a simplified two-tier structure of 5 per cent and 18 per cent, alongside a flat 40 per cent rate on ‘sin goods’. 

Goyal praises EEPC India's growth

The minister also praised EEPC India's growth over the years. Taking to X, he wrote: "From $10 million in exports in 1955 to $116 billion in 2024–25, this pace of EEPC’s growth journey is set to accelerate even further. Our engineering sector will continue to move ahead with greater strength."

 

 

Goyal also pointed to India’s strong economic performance, noting that GDP grew by a record 7.8 per cent in the last quarter.

 

The event, held at Vigyan Bhavan in New Delhi, was also attended by President Droupadi Murmu and Minister of State for Commerce & Industry and Electronics & Information Technology Jitin Prasada.