New Delhi, October 18, 2025 – Finance Minister Nirmala Sitharaman, along with Commerce Minister Piyush Goyal and IT Minister Ashwini Vaishnaw, are scheduled to hold a joint press conference shortly to provide updates on the Goods and Services Tax (GST) Bachat Utsav 2025. This event follows the nationwide rollout of Next-Generation GST reforms that significantly reduce rates on various goods and services, alongside a revised GST rate structure.

The GST Bachat Utsav, which translates to "GST Savings Festival," is a government initiative designed to boost household savings and benefit all sections of society. The reforms include reductions across essential goods and services, duty structure corrections, and exemptions for insurance and medicines, positioning the initiative as a "national festival of savings".

Earlier in September, Prime Minister Narendra Modi and FM Sitharaman interacted with traders and shopkeepers across India to assess the initial impact of the reforms. Modi emphasized maintaining quality standards while promoting local goods, stating that the interaction reflected India's optimism regarding the GST Bachat Utsav. Sitharaman also visited a stationery shop in Delhi, where the owner reported a near 10% price decrease in stationery items due to the new GST regime, directly benefiting students and parents.

Union ministers have lauded the GST rate cuts, emphasizing their potential to boost public welfare and reinforce the country's goal of Atmanirbharta (self-reliance) by focusing on Swadeshi-first purchasing.

Key highlights of the GST Bachat Utsav include:

• Simplified Tax Structure: The new GST structure features a simplified two-slab system of 5% and 18%, with a special 40% slab for luxury and sin goods.
• Rate Reductions: Significant rate reductions have been implemented across various sectors. For instance, essential dairy items like milk, paneer, and curd now have a 0% GST rate.
• Focus on Cooperative Federalism: The initiative emphasizes cooperative federalism, calling on states to be equal partners in growth, and aims to accelerate growth while making it easier for businesses to function and attract investment.
• Benefits for All: The GST reform is intended to benefit the poor, middle class, youth, farmers, women, shopkeepers, and entrepreneurs.
• Tax Base Widening: By simplifying the tax system and making it more user-friendly, the government aims to widen the tax base, leading to potentially lower taxes and increased spending in the economy.

During a Next Gen GST Reforms event in Kolkata, FM Sitharaman highlighted the collaborative effort with state finance ministers in approving the rate reduction proposals. She also acknowledged Prime Minister Modi's continuous encouragement to provide GST relief to the public.

Commerce Minister Piyush Goyal has emphasized the transformative nature of the GST Reforms 2025, noting that the simplified tax structure will reduce costs, boost demand, and foster economic growth. He also pointed out relief measures such as 0% GST on health and life insurance, and cheaper life-saving drugs and devices.

The upcoming joint press conference is expected to provide further details on the impact of the GST Bachat Utsav, address any concerns, and outline future steps to enhance the GST system. The ministers are also likely to discuss how these reforms align with India's economic roadmap and its response to global trade challenges.