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With a reform like GST, many tariff concerns will be offset: FM Sitharaman
According to Finance Minister Nirmala Sitharaman, retaining mainly two tax slabs will boost consumption, spur investments, and bring greater buoyancy to revenues.
Hailing the removal of the 12% and 28% GST slabs, Union Finance Minister Nirmala Sitharaman said the Prime Minister Narendra Modi-led government has worked towards simplifying the indirect tax regime.
Union Finance Minister Nirmala Sitharaman said the overhaul of GST slabs will help cushion the impact of US tariffs by boosting domestic consumption.
“The potential tariff impact will be offset by reforms like GST,” Sitharaman told Network18 Group Editor-in-Chief Rahul Joshi in an exclusive interview.
Hailing the removal of the 12% and 28% GST slabs, Sitharaman said the Prime Minister Narendra Modi-led government has worked towards simplifying the indirect tax regime.
“Today, 99% of all goods and services taxed under GST are in the 0%, 5% or 18% brackets. Only 1% falls under demerit or sin goods. We have cleansed the system of anomalies, doubts, duplications and interpretative issues,” the Finance Minister said.
According to her, retaining mainly two tax slabs will boost consumption, spur investments, and bring greater buoyancy to revenues.
On exporters facing the brunt of the US’s 50% tariff hike, Sitharaman assured that relief is on the way. “The government has designed a package, and we will soon come out with it for companies hit by the tariffs. We really can’t leave our exporters high and dry,” she said, adding that the proposal will need Cabinet approval.
The Finance Minister also flagged lack of market access in China as a concern for Indian exporters. “We need to have trade conversations, market access, and non-tariff barrier discussions with the Chinese,” she noted.
On Thursday, Union Commerce Minister Piyush Goyal also said the government is considering multiple remedies to protect businesses heavily dependent on exports to the US.
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