Rationalisation of GST rates along with Income Tax relief in the 2025-26 Budget will take India’s economy “to another level”, Union minister Ashwini Vaishnaw said on Saturday, stressing that reforms in indirect taxation are unrelated to US tariffs.
“The preparation for GST reforms began about one-and-a-half years ago, well before the US elections. This was part of Prime Minister Modi’s clear goal to reform, perform and transform. The new GST regime will mark the start of a transformation journey for the country,” Vaishnaw said at a press conference at the BJP headquarters.
On Donald Trump’s tariffs, Vaishnaw said, “They have nothing to do with it.”
Explaining the potential impact, the minister said, “Our GDP today is around ₹330 lakh crore, of which about ₹202 lakh crore is consumption. Even if consumption rises by just 10%, it would mean an additional ₹20 lakh crore contributing to GDP.”
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