Daijiworld Media Network – New Delhi

New Delhi, Sep 5: Finance Minister Nirmala Sitharaman on Thursday expressed confidence that the recently announced GST 2.0 reforms will ease the burden on consumers, stressing that industry players have assured the government they will pass on the benefits.

“Industry has assured us they will pass it on. We will not tolerate any negligence in passing on the benefits,” Sitharaman said in an interview with India Today. She added that the Central Board of Indirect Taxes and Customs (CBIC) will monitor prices over 45 days to ensure consumers get the relief.

The GST Council, on September 3, approved a sweeping rejig with a two-slab structure of 5% and 18%, while imposing a 40% levy on luxury and ‘sin’ goods. The new rates will come into effect from September 22. Sitharaman said the reforms are “pro-farmers and pro-MSME,” aimed at reviving consumption and supporting small businesses.

She also took a swipe at the Opposition, recalling how they once mocked GST as “Gabbar Singh Tax.” “The same people are now trying to claim credit for GST 2.0,” she remarked.

On the possibility of a single uniform GST rate, the minister said the country is “not ready yet,” adding that such a step could only be taken “once the nation reaches a certain level of development.”