New Delhi, Sept 22: Union Minister Ashwini Vaishnaw announced that the simplification of the Goods and Services Tax (GST) framework could add Rs 20 lakh crore to India’s GDP, making business operations easier and boosting demand.

The reform has been positively received as it allows for greater income savings and lowers the costs of essential goods. The government has reduced tax rates on several items, eliminating taxes on sanitary pads and lowering rates on cement and footwear.

GST slabs have been simplified from four to two categories, with a special rate for luxury goods. Finance Minister Nirmala Sitharaman indicated the reform could increase disposable income by Rs 2 lakh crore.

Union Minister Ramdas Athawale praised the decision as beneficial for the economy and local businesses.

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