Finance Minister Nirmala Sitharaman said the recent GST rate reductions are expected to boost consumption, production, and employment, creating a wider tax base. Speaking at a seminar in Kolkata on Next-Gen GST Reforms, she highlighted that GST 2.0 is a gamechanger and a boon for the common man. The reforms are projected to inject ₹2 lakh crore into the Indian economy—equivalent to four times PMAY allocations and ten times PLI scheme allocations.The government has estimated a net revenue loss of Rupees 48,000 crore due to GST rate cuts, which should get offset in the current financial year itself, due to higher consumption both in urban and rural areas.

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