GST Bachat Utsav: 54 Items cheaper after rate cuts, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday (October 18) said that the benefits of the GST reforms are reaching customers and benefiting them in the form of reduced prices.

‘Price cuts in 54 items’

Addressing a joint press conference alongside Commerce Minister Piyush Goyal and Electronics and IT Minister Ashwini Vaishnaw regarding the GST Bachat Utsav, the Finance Minister said that the Centre has noticed price cuts in 54 items across the country since the GST rates were slashed on September 22.

"GST rate reduction has increased purchases. The consumption drive will continue," Sitharaman said. "We are convinced that on every such item, benefits are being passed on by companies," she added.

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‘Over 3000 price-related complaints received’

The Finance Minister said that in case of some items, businesses have passed on to consumers higher than the weighted-average GST rate cut benefits.

According to Sitharaman, a total of 3,169 complaints related to non-reduction in prices commensurate with the GST cut have so far been received by the Department of Consumer Affairs.

Of this, 3,075 complaints have been forwarded to nodal officers in the Central Board of Indirect Taxes and Customs (CBIC). A total 94 complaints have been resolved by the department.

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'Surge in purchases'

She further stated that the department will introduce a functionality on the grievance reporting portal so that the complaints can be forwarded to the chief commissioners of the respective zones from where the complaints have originated.

The Finance Minister said that in the last nine days of September, there was a surge in purchases, with passenger vehicle dispatches touching 3.72 lakh units, two-wheeler sales reaching 21.60 lakh units, and three-wheeler dispatches growing 5.5 per cent YoY.

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Goyal thanks PM Modi

Pointing out that the GST reforms were long in the making, Goyal said, "Finance Minister's announcement of the GST reform on September 3 had been in the works for nearly a year and a quarter under the guidance of the Prime Minister. I thank the Prime Minister and the Finance Minister for making this year's Navratri so special.”

On September 22, the new form of #NextGenGST was implemented. In the markets, among industry and business circles, and among the general public, everyone experienced a renewed sense of enthusiasm and energy," he added as quoted by ANI.

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Electronics sales surged 20-25 per cent: Vaishnaw

Vaishnaw shared the sales data of electronic items and added that electronics sales surged 20-25 per cent this Navratri compared to last year. "From TVs to washing machines and smartphones, every major category saw increased demand, resulting in record sales and a boost to electronics manufacturing,” he said.

"This new economic atmosphere has reached every household. The spirit of swadeshi is stronger than ever." The ministers concluded that the GST reforms have successfully driven down prices while fueling demand, marking 2025 as a turning point for India's consumer economy,” added the Union Minister.

New lower GST rates kicked in from September 22, resulting in a slashing of prices of as many as 375 items ranging from toothpaste and shampoo to cars and television sets.

Tax rates of 5, 12, 18, and 28 per cent have been clubbed into two rates of 5 per cent and 18 per cent, resulting in a reduced price of 99 per cent of daily use items.

(With agency inputs)