VISAKHAPATNAM, September 17: Union Finance Minister Nirmala Sitharaman announced on Wednesday that the upcoming GST reforms would inject a significant Rs 2 lakh crore into the Indian economy, leaving consumers with more disposable income that would otherwise have been paid in taxes.

Speaking at the Outreach and Interaction Program on Next Generation GST Reforms, Sitharaman highlighted key changes in the tax structure, including the reduction of 99% of goods previously taxed at 12% to a lower 5% slab. Additionally, 90% of items that were under the 28% tax category have now been moved to the 18% slab.

The Minister also shared that several companies, including major FMCG players, are voluntarily implementing price cuts ahead of the official rollout on September 22, ensuring that the benefits of the reforms reach consumers even before the new GST structure is fully implemented.