India, Oct. 19 -- Union Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and Electronics & IT Minister Ashwini Vaishnaw on Saturday hailed the recent GST rate rationalisation as a major driver of economic momentum during this year's festive season. Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax levied on the supply of goods and services. It was introduced in India to simplify the tax structure by replacing multiple indirect taxes with a single, unified tax.

The Union Ministers highlighted that the GST rate rationalisation reforms, which came into impact on September 22, have led to increased consumer demand, price reductions, and a visible boost in key sectors such as automobiles, ...