New Delhi, Sep 14 (NationPress) The Goods and Services Tax (GST) is increasingly becoming an integral part of everyday life, stated Union Finance Minister Nirmala Sitharaman on Sunday.

While addressing an event in Chennai, she pointed out that the effects of recent GST reforms are evident “from the time individuals rise in the morning until they retire for the night,” with benefits extending to everything from their morning tea to dinner.

FM Sitharaman noted that prior to the GST implementation, a mere 66 lakh businesses were incorporated into the tax framework.

“Over the last eight years, this figure has surged to 1.5 crore, a remarkable growth she credited to the government’s transparent and straightforward tax policies,” added the Finance Minister.

Furthermore, she revealed that in the past eight months, the government has aimed to simplify and clarify tax classifications to eliminate confusion for businesses.

She underscored that the reforms would lead to a decrease in input costs for numerous products, subsequently lowering overall production expenses and easing prices for consumers.

Highlighting a significant adjustment, FM Sitharaman mentioned that 99 percent of the goods previously categorized under the 12 percent GST slab have now transitioned to the 5 percent category.

FM Sitharaman affirmed that this initiative will make daily essentials more affordable, directly benefiting the general populace.

“The simplicity of the system has not only motivated distributors but also manufacturers to participate,” stated FM Sitharaman.

The gross GST collection has soared to Rs 22.08 lakh crore from Rs 7.18 lakh crore in 2018, positively impacting both citizens and state governments, the Finance Minister noted.

“While some may have criticized my approach, claiming I only create challenges for people, I assure you we are working for the nation's benefit. State ministers have been involved in the GST Council since its inception, and these decisions were made collectively,” FM Sitharaman concluded.