New Delhi : The new GST reforms introduced by the Finance Ministry represent a significant step towards a people-friendly and common man–oriented tax structure. Traditionally, the indirect tax regime was heavily reliant on taxing the day-to-day needs of the citizens.
This trend has now been reversed through the next-gen reforms, which introduce a primarily two-rate GST system aimed at reducing the tax burden on the people, while imposing higher taxes on luxury goods consumed by the high-income group.
BMS welcomes the reduction of taxes on labour-intensive industries, essential daily use consumer goods, cement, food items, healthcare products including insurance policies, educational materials, agricultural machinery and other inputs, automobiles, electronic appliances, and other items commonly used by the middle class and below.
We also hope that manufacturers, insurance companies and others will promptly pass on these benefits to the common man by lowering the prices of essential daily-use products.
