Union Finance Minister Nirmala Sitharaman, on Sunday (September 14, 2025), said the GST regime has benefited both the people and the State governments.

Addressing the joint conclave of Trade and Industries Association in Chennai on the topic ‘Tax Reforms for Rising Bharat’, she said in the latest GST reforms, 99% of all the goods which were in the 12% GST bracket have now come under the 5% GST bracket.

“This is a reform which touches the lives of all 140 crore people. The GST rate cuts in the range of 10-13% will reduce the expenses for people and they can use that extra savings elsewhere,” Ms. Sitharaman said.

She also expressed confidence that the companies would pass on the benefits of rate cuts to the consumers. “When the GST was introduced in 2017, there were 65 lakh taxpayers. Today there are 1.51 crore taxpayers,” she added.

“The gross GST receipts which were ₹7.19 lakh crore in 2017 has now touched ₹22 lakh crore. On average, per month GST collection is ₹1.9 lakh crore or ₹2 lakh crore for Central and State governments which is divided in the ratio of 50:50,” Ms. Sitharaman said.