Major GST Reforms to Boost Economy and Ease of Living
The GST Council has approved significant reforms designed to simplify the tax process and make life easier for citizens and businesses, particularly small enterprises. With a new two-tier rate structure, the reforms aim to enhance economic strength and provide relief through exemptions on life and health insurance policies.
- Country:
- India
In a landmark decision, the GST Council has endorsed comprehensive reforms that promise to simplify the tax landscape and ease the daily lives of citizens and business operators, mainly smaller traders. Prime Minister Narendra Modi emphasized that these changes would be pivotal in strengthening economic growth.
The Union government has rolled out plans for a dual-rate GST system of 5% and 18%, effective from September 22. Bihar Deputy Chief Minister Samrat Choudhary confirmed the unanimous agreement among states, touting the reforms as a consensus-driven victory.
Importantly, individual life and health insurance policies will be exempt from GST, providing financial relief and broadening access to essential services. Union Finance Minister Nirmala Sitharaman highlighted this as a clear step toward the betterment of everyday lives.
(With inputs from agencies.)
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