GST 2.0 reforms infused ₹2L crore in Indian economy: Sitharaman
What's the story
Union Finance Minister Nirmala Sitharaman has said that the Goods and Services Tax (GST) reforms have infused ₹2 lakh crore into the Indian economy. The minister made this statement while addressing an outreach and interaction program on the GST 2.0 reforms. She emphasized that these changes have left more cash in people's hands, which would otherwise have gone to taxes.
Tax adjustments
Major changes in tax slabs
Sitharaman also highlighted major changes in the tax slabs under the new regime. She said that 99% of goods under the 12% GST slab have now moved to a 5% slab. Similarly, 90% of items under the 28% tax slab have been shifted to an 18% bracket. This restructuring aligns with efforts to create a more streamlined taxation system in India.
Revenue growth
Growth in GST revenues and taxpayers
Sitharaman revealed that GST revenues have grown exponentially over the years. From ₹7.19 lakh crore when GST was introduced to ₹22.08 lakh crore in 2025. The number of taxpayers has also seen a massive jump from 65 lakh to 1.51 crore during this period, indicating a broader tax base under the new regime.