Union minister Goyal urges industry to pass on GST rate cut benefits to consumers

The industry must pass on to consumers the full benefits of the GST rate reductions, the "biggest ever reform" since India's independence, Union Minister Piyush Goyal said on Thursday. Goyal urged the industry to ensure that every rupee saved through the GST reduction is passed on to consumers. He emphasized that under the new structure, GST on several categories has been reduced to as low as 5 percent, resulting in substantial savings across the sector. He noted that this will act as a strong demand booster, as lower prices naturally drive higher consumption and accelerate industry growth. The Minister urged the industry to make a strong twin commitment to the Prime Minister—first, to pass on every rupee of savings from the GST reduction to consumers, and second, to actively promote Indian products. He stressed the need to support products made with the sweat and toil of hardworking Indians, products nurtured in the soil of India. He emphasized that when such products reach every corner of the nation, they embody not only economic value but also national pride and self-reliance.