During a recent seminar in Yadgir, prominent economist K. Vishwanath Shetty emphasized how the Union government’s decision to lower the Goods and Services Tax (GST) has directly improved the lives of citizens across the nation.
Speaking at an event hosted by the local Bharatiya Janata Party (BJP) unit at a private hotel, Mr. Shetty delivered a special lecture detailing the positive impact of these tax reforms.
He noted that Union Finance Minister Nirmala Sitharaman implemented the GST reductions, fulfilling a key pledge made by Prime Minister Narendra Modi.
Mr. Shetty further elaborated that after more than a decade of thorough research, the central BJP government made a significant and beneficial move by streamlining GST into four slabs. This historic ‘GST revolution’ is arguably the most impactful since India’s independence, showcasing the Modi government’s dedication to its people, he asserted.
According to Mr. Shetty, increased savings among consumers naturally stimulate market production, which in turn influences tax collection. Experts in the economic field suggest that this positive cycle could even help mitigate any financial shortfalls resulting from the initial GST rate cuts.