Festive sales hit record Rs 6.05 lakh crore
Finance Minister Nirmala Sitharaman said on Friday that Indian retail sales reached record levels this festive season because of recent tax policy changes. She spoke at the opening ceremony of a new central tax office in Ghaziabad, where she credited goods and services tax adjustments for stronger consumer spending. Retail transactions totaled 6.05 lakh crore rupees for Diwali celebrations compared with 4.25 lakh crore rupees the previous year, according to merchant associations.
The Confederation of All India Traders reported that shoppers spent 5.40 lakh crore rupees on merchandise and 65,000 crore rupees on services. About 72 percent of businesses surveyed said lower tax rates on everyday items and household goods drove higher sales volumes. Online commerce platforms recorded 24 percent growth in transaction volumes, with merchandise values rising 23 percent from last year. Sitharaman stated that upcoming reforms will make tax systems more efficient for citizens who pay their obligations.
