New Delhi, Sept. 6 -- Union commerce minister Piyush Goyal on Friday hailed the recent Goods and Services Tax (GST) rate cuts, describing the changes as a "gift to nation" even as he maintained that the Centre has received assurance from the industry that the benefits of the reforms will be passed on to the consumers. Speaking at a press conference in the Capital, the minister drew a sharp contrast with the Congress-led United Progressive Alliance (UPA) government, claiming that states had lacked trust in the the Union government over compensation assurances tied to the rollout of a unified indirect tax. "When Prime Minister Narendra Modi announced the GST in 2017, he committed to all states a 14% growth in the annual revenue. PM Modi had the confidence of all states and that's how the one indirect tax was announced," Goyal said. He asserted that the Modi government had honoured this promise, paying compensation to states with a 14% growth rate even during the Covid-19 pandemic when demand was severely hit. On Wednesday, following a meeting of the GST Council, the government announced a sweeping overhaul of the tax regime, with most goods and services now charged at the rates of 5% and 18%, with only so-called de-merit goods and sin products being charged at 40%. Many products have moved from 18% or 12% to a rate of 5%. And some have moved from 28% to 18%. Goyal said, "I would like to congratulate PM Narendra Modi for bringing a historic and comprehensive reform that will take India's economy to new heights. I believe it is the first time such a reform has been implemented in the country's tax structure since independence. Every consumer of every section, from youth, women and farmers to MSME member are going to receive a huge gift on September 22, the first day of Navratra." The minister said the government has secured assurances from industry leaders that the benefits of lower GST rates would be passed on to consumers. "We have been assured by the industrialists that whatever profit is gained from lowering the GST rates."...