The Goods and Services Tax (GST) reforms have infused at least Rs 2 trillion in the economy, thereby leaving more cash with the citizens, Union Finance Minister Nirmala Sitharaman said on Wednesday.

Speaking at the Outreach and Interaction Programme on next-gen GST reforms in Visakhapatnam, Sitharaman said, the reforms are a “big step for the Indian economy.”

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The Finance Minister also said that following the tax reforms, 99% of goods under the 12% GST slab have moved to 5%. “The rejig has brought 90% of items in the 28% tax slab down to the 18% bracket.”

She added that several companies, including some FMCG giants, are voluntarily coming forward to give rate cuts and pass on the benefit to consumers even before September 22, the date of implementation for the new GST regi

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