On the occasion of Independence Day this year, from the ramparts of Red Fort, Prime Minister Narendra Modi announced the Next Generation of GST reforms by Diwali. His vision was realised on 3rd September with the GST Council reducing tax rates in many sectors to ease the lives of citizens. Today, we take a look at the reforms for the tax free goods.
Under the Next Generation GST reforms, the government has taken a big step to reduce the burden on the common man by making several essential goods completely free from GST. Consumer Goods, such as milk, pre-packaged food items, staple food items like unbranded rice, wheat, pulses, are now exempted from the GST. While breads of all types are now placed under the no GST slab, making it more affordable for households.
Healthcare sector has also received a major boost as the government has decided to completely waive off taxes on 33 life-saving drugs and medicines. To ease the burden on students, most of their everyday stationery items are now placed under the NIL GST category. In the textile sector, many specific yarns are now exempted from taxes. The exemption of GST in all of these sectors will provide individuals with significant relief in purchasing daily essentials.
