Union Finance Minister Nirmala Sitharaman has said that GST has been reduced from 12 to 5 percent for a majority of 99 percent of goods since the introduction of next-generation reforms.

 

 

Speaking at a joint conclave of the Trade and Industries Association at Chennai today, she said that the 28 percent GST has been reduced to 18 percent. The Finance Minister said that eight years ago, when the tax was introduced, a total of 65 lakh companies had paid GST.

 

 

Today it has increased to one and a half crore. She said that the tax system had led to one nation and one tax. The Finance Minister said that Prime Minister Narendra Modi had encouraged her ministry to come up with a special package on GST, and the next-gen GST was introduced after much consultation with different stakeholders, a group of Ministers, before being placed before the Council.