GST 2.0 Already Boosting Festive Sales, Top Ministers To Highlight Diwali Impact In Dhanteras Press Meet

New Delhi: On Dhanteras, three of India’s top ministers — Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and I&B Minister Ashwini Vaishnaw — will address a joint press conference at 12 noon. The focus will be on how the government’s latest GST reforms are affecting festive sales, consumer confidence, and overall economic activity during the Diwali season.

What Is GST 2.0 and Why It Matters?

The new GST system, also called GST 2.0 or GST Bachat Utsav, was rolled out on September 22, 2025. It aims to simplify tax rates and give more money back to the people by cutting costs on many items. FM Sitharaman has said this move could inject Rs 2 lakh crore into the economy, helping to boost consumption.

Festive Demand Already Showing Growth

The government says the new GST rules are already making a difference. For example, car sales rose 35 percent during Navratri, compared to last year. State-owned banks are also seeing a jump in loan demand for vehicles, home appliances, and electronics — clear signs that people are ready to spend more this festive season.

Banks and Loans on the Rise

Bankers report that the retail credit demand has surged since the GST cuts. This could push overall credit growth past the earlier forecast of 10–12 percent for the financial year. A senior banker said this 'festive energy' combined with tax cuts is driving the trend.

Government Tracking Price Pass-Through

The government is also keeping a close eye on whether brands and retailers are passing on the GST benefits to consumers. Over 50 essential items are being monitored across India. Officials say they’ll act only after gathering complete data from the ground.

Amit Shah Calls It a Historic Reform

Earlier, Home Minister Amit Shah had said the GST 2.0 is one of India’s biggest economic reforms since independence. He said it would widen the tax base and strengthen trust in the system.