GST reforms will be transformational for the business: Union Minister Piyush Goyal

New Delhi [India], September 4 : Union Minister of Commerce and Industry, Piyush Goyal, on Thursday, said that the reduction in GST rates will provide a tremendous and unprecedented boost to consumption demand. While addressing the Bharat Nutraverse Expo 2025, he noted that the industry can now aspire for a much greater volume of sales, creating a win-win situation for all.

Goyal urged the industry to ensure that every rupee saved through the GST reduction is passed on to consumers. "Businesses will gain from larger opportunities, while the entire GST benefit will be passed on to consumers," he said.

The Minister remarked that no one had expected such a wide range of products, goods, and services to benefit from the transformational reforms announced on Wednesday.

He emphasized that under the new structure, GST on several categories has been reduced to as low as 5 per cent, resulting in substantial savings across the sector. Goyal noted that this will act as a strong demand booster, as lower prices naturally drive higher consumption and accelerate industry growth.

The Minister urged the industry to make a strong twin commitment to the Prime Minister: "First, to pass on every rupee of savings from the GST reduction to consumers, and second, to actively promote Indian products."

He stressed the need to support products made with the "sweat and toil of hardworking Indians, products nurtured in the soil of India." Goyal emphasized that when such products reach every corner of the nation, they embody not only economic value but also national pride and self-reliance.

Referring to India's robust economic performance, the minister underlined that it does not matter whether the ownership lies with an Indian entrepreneur or a foreign investor; what matters is that the products are manufactured in India, creating jobs for Indian youth, generating opportunities for local communities, and contributing to the nation's growth story.

Goyal reiterated the government's vision of taking India's GDP from USD 4 trillion to USD 30 trillion by 2047, stressing that India will emerge as a prosperous and developed nation.

The minister said that a fit and healthy India, supported by the nutraceuticals sector in a big way and by healthy food products, is key to India's growth. He noted that the sector is not only helping farmers and supporting micro, small and medium enterprises, but is also contributing to every Indian's healthcare.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor