Big change in GST rules before Diwali! The premium of health and life insurance will decrease, what things will increase?

The central government has proposed major changes in the plate of ‘Tax on Goods and Services’ (GST). Below are two 5% and 18% tax sheets, while 40% GST has been suggested on health threats, such as tobacco and Paan Masala. According to government sources, the proposal was sent to the GST council, which will hold a two -day meeting to finalize changes in GST plates in September. At the Day of Independence, Prime Minister Narendra Modi announced the implementation of GST reforms from the next generation to Diwali in his speech to the land of the Red Fort. He said: ‘I’m going to give a great gift to this Diwali. In the past eight years, we have implemented major reforms such as GST and facilitate the country’s tax system. Now the time has come for its review. We have discussed with the states and now we will implement the GST reforms of the next generation. At present, the government has placed four pages in GST, according to sources, the GST reforms proposed by the government contain a lack of tax on agricultural products, health goods, crafts and insurance. The government is of the opinion that it will increase consumption and speed up economic growth. Currently, GST has five main pages – 0%, 5%, 12%, 18%and 28%. GST has normal rates of 12% and 18%, which include most of the objects and services. The proposed reforms include the removal of 12% plate and adjusting items under IT to 5% and 18% pages. Prime Minister Modi said in his speech that the improvement in GST will be a gift from the government of the government for the countrymen. There will be a significant decrease in taxes for people. MSME will benefit, everyday things will be cheaper and it will also speed up the country’s economy. Sources said that essential services such as health and life insurance after improvement in GST plate could be more economical. New GST tariffs will be implemented before Diwali! The government believes that reducing GST rates on daily use items and essential services may have a temporary impact on income, but it will be compensated by increasing consumption in a long time. The proposed record will be decided at the GST council meeting in September. The government intends to implement GST reforms before Diwali. Share this story -tags