In a major policy shift, the Indian government has announced reforms to the Goods and Services Tax (GST) framework aimed at accelerating economic growth and simplifying tax administration. The overhaul is expected to improve compliance, reduce complexity for businesses, and enhance overall tax efficiency.
Simplified Tax Slabs: The new framework reduces the number of GST slabs, eliminating the 12% and 28% categories, and introducing two primary slabs: 5% and 18%. Indiantribunenews
Healthcare and Education: GST exemptions are now applied to health and life insurance premiums, as well as essential medicines and medical devices, making healthcare more affordable.
Support for MSMEs: The reforms aim to ease compliance burdens for Micro, Small, and Medium Enterprises (MSMEs), promoting growth and formalization in the sector.
Agricultural Sector Relief: GST reductions on agricultural inputs like fertilizers and equipment are designed to lower costs for farmers and enhance productivity.
Consumer Goods: Prices of daily-use items such as bread, paneer, and small-engine vehicles are expected to decrease due to lower tax rates. News in Jammu
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