New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the GST reforms would put Rs 2 lakh crore in the hands of common people enabling them to spend more freely. While addressing a program on Next Gen GST Reforms in Visakhapatnam the Finance Minister further added that 99 percent of goods which contribute 12 percent of revenue will now come under the 5 percent GST slab. According to Nirmala Sitharaman the GST Councils decision is aimed at reducing the tax burden on consumers and increasing liquidity in the economy. Here are some of the key details: Nirmala Sitharaman said that the benefits different industries across the country will receive from these Next Gen GST reforms will be ten times greater for the public. The changes in GST will significantly benefit not only industries but also common people. Revenue from GST has increased from ₹7.19 lakh crore in 2018 to ₹22.08 lakh crore in 2025. The number of taxpayers has risen from 65 lakh to 1.51 crore. More people are paying taxes and the government’s revenue is also increasing. From the ramparts of the Red Fort on August 15 Prime Minister Narendra Modi spoke about GST reforms. Recently the GST Council approved GST 2.0 which introduces changes in the tax slabs. Now essential items will attract 5 percent tax while all other goods will fall under the 18 percent tax slab. The new GST rates will come into effect from September 22. In the new GST system most everyday food items will fall under the 5 percent GST slab. Bread milk and paneer will remain tax-free. This will provide relief to people as they will have to pay less tax on food items.