Mumbai, Sept. 17 -- Union Finance Minister Nirmala Sitharaman has said that the new GST reforms will save the public around rupees two lakh crore by reducing taxes. Addressing the Outreach Programme on Next-Gen GST Reforms held in Visakhapatnam, the Union Minister detailed how the new two-slab tax system of 5% and 18% reduces the burden on people over their daily essentials and aspirational goods, benefiting the poor and middle class to a great extent. She further highlighted that the reforms will boost farmers' incomes, as well, by lowering taxes on agricultural-related goods, promoting farm modernisation.

The Union Minister said, MSME and job-creating sectors will also benefit through reduced costs, providing enhanced opportunities. Si...