GST Reforms: India Embraces Next-Gen Economic Changes
Prime Minister Narendra Modi announced new GST reforms highlighting significant benefits, including reduced taxes and zero GST on health insurance, effective September 22. Describing it as a 'double dhamaka' of happiness, the changes aim to bolster India's economy, ease compliance, and make the country more self-reliant.
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Prime Minister Narendra Modi on Thursday referred to the new GST reforms as a 'double dhamaka' of happiness for citizens ahead of Diwali and Chhath Puja. Set to take effect on September 22, the reforms mark a strategic move towards making India self-reliant, as emphasized by the Prime Minister.
In line with his Independence Day speech, PM Modi underscored the importance of timely changes for India to secure its rightful place in the global arena. The simplification of GST, which celebrates its eighth year of implementation, promises to make the tax system more accessible to every class of the country, from the poor to the middle class.
Key aspects of this 'next-generation' GST reforms include the complete removal of GST on individual health and life insurance, formerly subjected to an 18% tax. This move is projected to make healthcare more affordable and reduce costs on essential medical items. The GST Council's approval means tax rates on various medical products have been significantly reduced.
(With inputs from agencies.)
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