Chennai, Sept. 15 -- Countering criticism of the GST regime, union Finance Minister Nirmala Sitharaman on Sunday said it had greatly benefitted the people as well as the |State Governments.
In the latest reforms of the GST regime, 99% of all goods which were in the 12% GST bracket have come under the 5% bracket, she said at the Joint Conclave of Trade and Industries on 'Tax Reforms for Rising Bharat'.
"This is a reform which touches the lives of 140 crore people and the rate cut will reduce their expenses, resulting in savings," she claimed and expressed confidence the benefits would be passed on to the consumers by the companies.
When the GST was introduced in 2017, there were 65 lakh taxpayers, but now there are 1.51 crore taxpayers, s...