GST 2.0: Revolutionizing India's Tax Landscape for Affordable Living

The rollout of GST 2.0 on Monday marks a pivotal shift in India's tax policy, with profound implications for daily financial relief. Analysts hail the revamped system for its potential to lower costs on essential goods, facilitating improved accessibility in vital sectors like healthcare and nutrition.

Amaresh Ojha, Co-founder and CEO of Trovex.ai, emphasized that the tax reductions signify more than mere bureaucratic adjustments; they reflect a governmental commitment to ease living expenses and invigorate domestic production and traditional industries. These changes, Ojha argues, pave the way for advancements in innovation, healthcare, education, and mobility, underscoring a growing focus on India's youth-driven growth trajectory.

Healthcare emerges as a principal beneficiary under GST 2.0, where tax reductions on medicines and medical devices, alongside exemptions for certain life-saving drugs and insurance premiums, herald wider access to essential care. Mithun Majumdar, CEO of 750AD Healthcare, highlighted the opportunity these reforms present for enhanced health equity throughout the country, urging prompt application by healthcare stakeholders to realize tangible patient benefits.

In the nutrition sector, Zeon Lifesciences Founder Suresh Garg highlighted the anticipated ease for manufacturers, allowing increased focus on research and product development, potentially democratizing access to health and wellness benefits across demographics. Garg commended the government's foresight in elevating the nutraceutical industry as a cornerstone of India's health economy.

The consensus among experts is that GST 2.0 endeavours to harmonize affordability with economic growth, with the anticipated dual impact of accelerating business expansion and delivering consumer cost benefits. (ANI)

(With inputs from agencies.)