By SAKSHAM SINGH
Union Home Minister Amit Shah went to X on Monday and announced that every family will be helped by the new GST reforms. As dairy products are set to be tax-free. A reduction in taxes on daily items, life insurance, health insurance, senior citizen policies, 33 life-saving medicines, and diagnostic kits, and cut taxes on oxygen, surgical equipment, and medical, dental, and veterinary appliances.
GST 2.0, a significant revamp of the nation’s indirect tax regime, became operational today, September 22, with a reduction of tax on basic goods to encourage consumption across the country and rate rationalization in other goods. Labelled as GST Bachat Utsav (Savings Festival), coinciding with the first day of Navratri, goods from food items to electronics have become more affordable from today due to a lower GST rate.
Prime Minister Narendra Modi, in his address to the nation on Sunday before GST 2.0 comes into effect, claimed that people will save Rs 2.5 lakh crore, combined with the goods and services tax (GST) rate cuts and the previous income tax cut.
Insurance shares rose on Monday following foreign broker JPMorgan upgrading ratings and increasing target prices on individual life and non-life insurers due to sustained growth prospects and robust balance sheets. HDFC Life Insurance, Life Insurance Corporation of India (LIC), and General Insurance Corporation of India (GIC Re) shares, among others in the insurance space, appreciated more than a percent in trade.
Shah further emphasized that farmers will benefit from lower GST on agricultural machinery and fertilizers, and car purchasers also will get relief. He added that the reforms will enhance self-dependence and urged people to make use of indigenous goods in their day-to-day lives.