On this Independence Day, from the ramparts of the Red Fort, Prime Minister Narendra Modi had announced the next generation of GST reforms. His vision was realised on the 3rd of this month, when the GST Council reduced tax rates in many sectors to ease the lives of citizens.

Under the Next Generation GST reforms, the government has provided relief to the common man through significant tax reduction in the healthcare sector. Health and life insurance premiums, which earlier attracted 18 per cent GST, have now been made completely tax-free. This move is expected to lower costs for policyholders and encourage wider insurance coverage across the country. The government has also waived off taxes on 36 life-saving drugs used for the treatment of cancer and severe chronic diseases. Along with that, the GST has been slashed down from the earlier 12 per cent slab to 5 per cent on various medicines and medical equipment like gauze, bandages, diagnostic kits, glucometers and thermometers.

These transformative GST reforms are expected to strengthen the healthcare system across the nation by lowering the cost of medical services for the people.