The rationalisation of Goods and Services Tax slabs – from four to two, and exemption of certain items, including premiums for health and life insurance – reflect a "holistic and well thought-out" decision of the government, Commerce Minister Piyush Goyal told NDTV Thursday evening.
Mr Goyal said the timing of the GST overhaul – the announcement was made by the GST Coucnil late Wednesday – had nothing to do with 50 per cent tariff, including a 25 per cent ‘penalty’ for buying Russian oil, imposed by Donald Trump, which is expected to affect nearly $48 billion in Indian exports.
He said the fact certain sectors – such as textiles, footwear, and food products, which export to the US and had been hardest hit by the tariff – could expect to benefit from the GST revision is "coincidental".
"This is a well thought-out and holistic new (tax) regime that has been brought in… it certainly could not have been done (overnight), to time it with a tariff imposed on August 27," he said.
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