Key Points

In an interview with ANI, Goyal said that industries of different levels, both big and small, had given their assurance to transfer the benefit to consumers.

"We have received assurance from all sectors of industry, different levels, big and small, have committed that we will pass on the entire benefit to the common man. We are very confident that they will meet our expectations," he said.

The Minister highlighted that the Modi government trusted its stakeholders just as people of India trusted Prime Minister Narendra Modi.

"So I think they will certainly pass it on, and we have sought a commitment from everybody, which we have received. Obviously, there are also mechanisms in place to monitor it, and the Consumer Affairs Department and Finance will certainly be involved in this process," he added.

Goyal expressed confidence that industry would not let the government down, as lower duties and lower rates would mean a pick-up in demand, greater business, and the benefit of economies of scale.

Responding to concerns about possible revenue shortfall due to the reduction in GST slabs, Goyal dismissed apprehensions.

"I don't think anyone needs to have any apprehensions. In a collection of over Rs 22 lakh crores in a year, it's a very small amount. Attractive pricing and lower costs normally automatically help in increasing demand, and therefore, I personally think that the tax collection will actually go up. It may be a few months here or there, but it'll go up very significantly," he explained.

On questions regarding GST continuing as a three-slab system, the minister strongly defended the structure.

"I think the naysayers or the people who raise this question are very uninformed about the needs of Indian society. We have a large section of people who need to receive goods at a very low price. So we have kept the 5 per cent GST rate, and all the goods of the common man are at 5 per cent. Then there is a set of goods that can afford to have an 18 per cent rate. There aren't too many now. Those help to subsidise the poor people's goods. And the ones at 40 per cent are those that I'm certain you or anybody else will not want to make cheaper," he said.

Highlighting relief measures in healthcare, Goyal pointed out that many life-saving drugs had been brought down to zero duty, several medical devices had seen duty reductions, and many medicines were now at lower rates.

"Health insurance has come down to zero per cent on insurance policies, and life insurance policies are at zero per cent from 18 per cent. So there are a lot of good moves in this," he said.

- ANI