GST Changes Holistic, Coincidental Some Sectors Hit By Tariffs: Piyush Goyal
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.
Mr Goyal told NDTV this evening the timing of the GST overhaul - the announcement was made late Wednesday - had nothing to do with 50 per cent tariffs imposed by United States President Donald Trump, which is expected to affect nearly $48 billion in Indian exports to that country.
He said the fact certain sectors - such as textiles, footwear, and food products - that had been hardest hit by the US' tariffs could expect to benefit from the GST revision is "coincidental".
