Union Finance Minister Nirmala Sitharaman on Wednesday said that Goods and Services Tax (GST) reforms have added at least ₹2 trillion to the economy, putting more disposable income in the hands of citizens. Addressing the Outreach and Interaction Program on Next Gen GST Reforms in Visakhapatnam, she noted that “lowering GST rates will save people ₹2 trillion,” calling the reforms a significant milestone for India’s economic growth.

Highlighting the benefits for the middle class, Sitharaman pointed out that 99% of items previously taxed at 12% GST have been moved to the 5% slab, while nearly 90% of items under the 28% category are now taxed at 18%. She said this restructuring would not only ease financial pressure on households but also help reduce poverty.

The Finance Minister added that the impact of these reforms will be ten times greater than the incentives provided to different industries. She also reported that GST collections have grown to ₹22.08 trillion in 2025 since its launch, while the taxpayer base has expanded from 6.5 million to 15.1 million.

Later in the day, Sitharaman will participate in a Confederation of Indian Industry (CII) summit on Global Capability Centres (GCCs) in Visakhapatnam, focusing on emerging business trends, investment decisions, and state-level policies to attract GCCs. She will also join Prime Minister Narendra Modi’s virtual address on the ‘Swasth Nari, Sashakt Parivar Abhiyaan’ before attending the summit.